Like doing crazy things on outboards, but would not dream about installing a thermo gauge on a portable OB. M40C service manual does not states working temp, probably Paul has an appropiate spec answer for that. If not, will need to get a heat gun, the ones you aim at a point you want to heat measure, in this case at cylinder head to know working temp while at wot. Once correct temp is known will need to adjust gauge, if adjustable one, to some heat degrees more to detect an overheat for buzzer to start buzzing. Bit complicated, colud turn out into a costly experimentation.
The idea could be cool, but it's not same as counting with a proper heat spot around head, say removing a bolt to screw sensor there...
That OB doesn't have a third lower water intake, this one will prevent any overheat condition if lower leg happens to catch any unwanted floating debris, kelp, plastic bags and both side water intakes are completely obstructed. Luckily my 18 has one, which love.
Happy Boating