I have a 25' cuddy cruiser with the original 351CI, 233HP Mercruiser that has been rebuilt professionally 85 hours ago. The engine runs as smooth as silk and starts at the touch of the key. It has had all routine service done and has been tuned to specs. Total hours on the engine are 835. The water pump in the outdrive was replaced just days ago to correct an overheating problem. The boat has plenty of power, gets on the step easily but the temp gauge begins to climb shortly after planing. Below 1800 RPM, and just before planing, the temp stays in the safe range. There appears to be ample water coming from the engine coolant exhaust ports and, using an enclosure with the outdrive submerged, the temp never reaches an unsafe level. The thermostat has been removed and discarded and a new 190 degree thermostat installed. This seemed to stabilize the gauge slightly, but under a load the engine still gets over 220 degrees if left loaded. Reducing the throttle will allow the engine to cool properly within a very short time. Manifolds and Risers appear to be in good condition and there are no cracks or leaks apparent. There is no water intrusion into the oil and the compression on each cylinder is within 5% and averages 158. Any suggestion will be greatly appreciated, as we are at our wit's end with it. Please offer even the obvious suggestions, as we may have overlooked the obvious.