Pretty easy. Remove the oval plate from the side of the midsection, then remove the lower bolt from the shift rod connector inside. Remove 5 bolts holding the lower unit on. Lower unit will now come down and off, and water pump will be right in front of you, around drive shaft.
Yes, it has a thermostat, but they get a lot more bad press than they deserve. If you insist on looking, it is behind the thin cover on the cylinder head.
