Clearly, it’s much harder to do this via back-and-forth postings vs. being there and I am not sure I can help further but I will give it a try.
The symptoms you are having is overheating. With the boat in the water, it overheats at the dock at idle or perhaps at a slightly elevated RPM. Even without the t-stat installed.
The presumed root cause is excessive backpressure from the exhaust not allowing proper water flow in the manifolds and perhaps even overcoming the entire cooling system (not pulling water on muffs) causing overheating. This backpressure theory is derived from pulling off the manifold hoses and getting a lot of pressure (exh gas not water) out of the manifold hose end.
I am stating it this way as it helps me and perhaps others separate out the two. In other words, the issue is overheating. The ‘why’ has yet to be truly determined.
More: this is a new to you boat (a 2001 Wellcraft with 5.7gspefs) where, based on your recent posting, there have been a lot of questions ranging from low oil pressure (was a false reading) to not getting above 10MPH to distributor questions. I am only trying to get the entire picture.
Going with the exhaust backpressure theory: I cannot imagine that it’s the risers, not just b/c they are new, but even if had some casting deviation that did not allow proper sealing between manifold and riser (even with the gasket) the path of least resistance should be out the exhaust bellows, Y pipe, etc.
Thus, explore what is downstream of the risers > any possible blockage with that? There used to be ‘flapper’ valves in the exhaust system, not sure if the age of your boat would include them. Check. A restricted exhaust system will also preclude the engine from delivering its full performance and this may be the reason cannot get up to speed (
link). Was that ever resolved?
If all good, pull off the risers (not manifolds) and inspect. Have a scope? Use it to look down the exh bellows, into the Y pipe and beyond as much as possible.
If all good, go back to the Raw Water Pump (RWP). Even though a new impeller it does not mean getting the full action out of it. You said you had flow; I assume this was observed when pulling off those hoses without the t-stat installed, but is it to spec? If the housing is oversized or scored the pumping action is decreased. Recall you initially had an unexplained shredded impeller. Did whatever do that score up the RWP housing? My suggestion is to completely remove that from the equation by getting another RWP. Here is a good source for them at less cost than new (
link).
While this must be incredibly frustrating, keep pushing and posting, as this is 100% fixable.