Re: no water out teltale
Pop the cowling (hood, cover). Standing at the rear of the engine you should have a couple of 3/8" hoses routed around. (This is from a '95 150 but I'd bet yours is real close).
At the center top of the block, right aft of the flywheel is one outlet. This cools the exhaust manifold and is not in the stat loop. The hose goes from the top of the engine and is plugged into the housing just below the block.
This line may contain the pee tee. If so, the block has to fill with water before you get water out the hose hence pee. This could take a minute or two depending on several things.
The stats should be bulges (caps) at the top of each bank of cylinders held in place with 2 screws each, with a hose attached (stats are under the covers; one in each head). They probably are linked together (jumper hose)and then one hose goes below for discharge.
This is the stat output and doesn't have water in it till a stat reaches 143F on son's engine. Long wait.
Son's engine was originally plumbed to the stat line but we didn't want to wait that long for water (besides over temp has a warning buzzer) so we changed the pee outlet to the first line I mentioned. Now we only have to wait for the block to fill to get a stream.
Mark