You need to pressure test your manifolds regardless of an overheating issue. You test them with the free tool you get from Autozone, and the cheap sheet of gasket material that will go between the manifold and the riser to block off that port. You then put the pressure testing tool into the hose that goes to the manifold. You bought an old engine, and manifolds are parts that need periodic replacing. Rust happens the most where water is trapped and you can't see it. If your manifolds leak, water will leak into your cylinders. Since water is incompressible, it raises the temperature for one (PV=nRT), but it also causes far worse damage to your engine.
Yes it is very common that thermostats give a false reading. You can use an IR temp sensor ($25 or so) pointed right at the thermostat housing to see what it is reading. Your boat engine will also tell you that it is overheating. It will run rough and sound unhealthy.