Probably not the engine waterpump (nothing to go wrong there except the seals), pull the ends off of the heat exchanger and take a look (only raw water will come out, antifreeze is sealed inside). Check the antifreeze, should be about 50/50. Make sure the water passage in the exhaust elbow is clear, if not it could restrict the flow of water from the exchanger. Check the temperature with either an IR thermometer or a radiator cap thermometer to double check your temperature gauge.
I'm having a similar problem with my 1977 165 running hot too. I recently had to replace the upper unit seal because I founded oil in the u-joint bellow. So I figured I would replaced the bellows and impeller why I had the drive apart. I install everything as describe in the service manual, I the only thing I did differently was install exhaust tube instead to a bellow. Now I'm running hot, so my question is could the exhaust tube be the problem or could it be that impeller is not circulating water correctly?
I pulled the riser off the water passage is clear heat exchanger looks good. seems to olny run hot under load I have 2 seperate gauges and both read hot. How much flow should I have coming from the impellar? Looks like about the same amount as a kitchen tap with the motor at an idle.
How hot? The 165 normal operating temperature is 165-200 F. Does the temperature stabilize, or does it keep going up? How long since the impeller was changed? Sounds like everything else is in pretty good shape and you have decent flow.
165 mercruiser running hot not impeller or thermostat took it out still hot. heat exchanger or water pump?
Yeah that's too hot, shutting down was wise. At this point I would recommend that you replace the whole pump, housing and all with OEM Mercruiser parts. I know OEM is more expensive but in the case of the 470 I think it is well worth it, and it is a whole lot less expensive than a head gasket. Good luck.