Re: 150 XR2 steam out of the exaust.
A small amount of steam coming from the exhaust vents is normal, however, steam from the P stream is a sign of a serious problem.
Is the P stream overly hot/steaming at an idle? Or is this beginning to happen at larger throttle opening when in gear?
Leaking head gasket(s) often will not cause overheating/steaming P stream at idle or light loads, but once load increases then cylinder pressure overcomes the gasket, leaking combustion gases into the cooling system, displacing cooling water then the engine begins heating to the point the P stream steams.
A warped water pump housing can also cause this condition, as the pump is submerged and pumps fine at idle and slow/low speeds, but once the boat comes up on plane the gearcase sits higher in the water and the pump is no longer submerged and begins to suck air, reducing cooling.
Lastly, ignition timing, retarded ignition timing will cause engine heating under throttle, yet seem fine at idle. A proper link and synch to check WOT timing should also be done just to be sure that all is set correctly.