NOT real familiar with 4.5 MPI, I have only worked on Chevy V8s/carbureted. However, with a friend at helm and motor ON, wiggle temperature sensor wires and see if there is any temperature gauge change. Time to pull risers and test them, if salt water used. With a friend at helm switch, you should be able to disconnect hose going into riser from pickup for a short time and see if water is coming from OD to motor via impeller (if Alpha drive). If Bravo, with a friend at helm switch, you may test in a similar manner for water restriction in transom assembly (Bravo-itus) that will require installing a kit. Pull hose from transom assemble going to PS heat exchanger and check for water flow. Are you sure that you installed thermostat correctly?