Re: 1954 johnson 5.5 water pump issues
A plugged bleed hole in the water pump housing can cause that. The bleed hole keeps the cavity around the drive shaft filled with water so exhaust doesn't blow down through the shaft hole and kill the pumping. At idle, the pump is submerged, but at higher speeds the exhaust blows the water out of the area around the pump.
But that certainly isn't the only possibility. Could be a worn out pump housing, a worn out impeller, lack of water supply to the pump, a leak under the water pump plate, running in a small container (too much air from turbulence), not deep enough in the water, a cracked gearcase, and some more.