I remark on my 7.5hp Johnson 1980 when i riding, that the water discharge still cold, i could say same as the lake temperature, i read problem is when its too hot, but what if its same as the lake temp???
I agree. The thermostat is either stuck open or someone before you may have taken it out. The cold water is not a serious issue, however you may want to keep an extra set of spark plugs on hand just in case the plugs fowl. Sometimes at idle speeds the plugs will fowl when the engine is too cool.
I can't say for sure but on many motors the telltale stream comes off BEFORE the water goes through the powerhead, so naturally it is lake temperature. Make sure you have a problem before you fix one that isn't there.