Just some qiick info I found on temps. You should be fine with temps @ 120.F. Also some come with built in alarms if water restrictions occur.;
"In the past, many boats used a ?dry? exhaust system, in which the exhaust gases were transported to outside the hull without any form of cooling. The resultant hot exhaust pipe had to be thoroughly insulated, but even so, it produced a tremendous amount of noise. However, reduction of exhaust gas temperature to about 40? or 50?C (104?F or 122?F ) can be achieved by injecting the engine cooling water into the exhaust line. This is how a ?wet? exhaust system works. In addition, the typical diesel exhaust smell is also considerably reduced. A further major advantage of reducing the temperature, is the fact that all exhaust components downstream from the engine outlet can be made from rubber or synthetic materials. This permits greater design sophistication and weight reduction and ensures freedom from corrosion."