Re: thermostat?
Silvertip, you sure they had a thermostat? I had a 1992 4cyl 40hp and it did not have one.
As suggested, I would check that the telltale is not plugged. I have found twice that mud dauber wasps had plugged up the outlet. Not sure how they find that small hole but it seems like an ideal place for them to lay eggs and seal it up.