Re: Water pump
Without a tell tale it is difficult.
I have a '72 Johnson 85 hp and it doesn't have a tell tale stream either.
As long as your impeller is in good condition, and your key and housing are in place, sealed and undamaged, then you should be ok with the water pump. Hopefully you do not have blockage in any part of your waterjacket.
The only way to check to see if all of that is ok is to take off your lower unit.
As long as your warning horn is wired correctly, working, and it your heat/thermo switches work right, then you are getting enough water.
Watch youtube video test tank runs of that era V4 OMC's and compare water/exhaust discharge.