So....
Yesterday the thermostat and gasket arrived...
Wasn't looking forward to it but tried taking the engine apart, you know, open heart surgery stuff. Scary.
Actually didn't seem so bad. None of the bolts were on tight. I added anti-seize to the threads, put them to one side, eased off the thermostat cover. As expected, quite corroded and nasty-looking, but no really terrible or obviously blocked.
Got my extra-powerful vacuum cleaner and tried sucking that sucker. Why not?
Tried putting the old thermostat in some hot water. It opened OK. Then tried using my fancy kettle's ability to choose the temperature (I'm a coffee snob) and set it at 70C, put both the old and new in a glass of water... They both failed to open. Ha. They're supposed to open at 60C.
Anyway...
Spent some time scraping off the old gasket, remembered to draw the outline of the new one onto some gasket paper so I can make a spare or two - and then mildly panicked as I wasn't sure how to put the thermostat back in. It just sorts of plops into the hole? I'm sure on some video I saw someone prising it out with a screwdriver, so the plopping made me uneasy. On the other hand I didn't exactly have to lever hard to get the old one out. Tried putting the old one back, that just plopped at well, so plops it is.
Did it up pretty tight but super-careful not to crack the cover or strip threads. If a steel block and steel cover I'd probably give it a further half turn but I'd rather it leak and do the alarm thing, than break something.
So, filled the trusty tub, drank coffee... tried it.
Didn't leak around the cover. Cool. Let it run for a couple of minutes, still not leaking, pee stream was strong. Clambered out the boat and felt the stream, same "somewhat warm, warmer than the tub water" feel.
Fiddled with the carbs until I figured out how to rev it up, revved it up a bit.
Then just held it full-throttle - ROAR!
Interesting things happened.
First, it actually sounds a bit like a sewing machine?
Secondly, I couldn't get it to rev beyond 5000 rpm? Pushed the little widget as far as it would go, 5000. Wouldn't go higher.
Third, tried feeling the pee stream... hot. Not warm, hot. Not scalding, but definitely hot.
Fourth, feeling sorry for my neighbors and my wife working from home with Zoom meetings, I kept it roaring for about another 30 seconds, so I'd say about 50 or 60 seconds of total sewing-machine roar.
No alarms.
Currently waiting for the tub to empty before I go out there and put the cover and cowling back on.

Question - does this engine have a rev limiter or something, that stops it going nuts in neutral? I also tried the fast-idle thing from inside the boat, same thing, tops out at 5000 rpm.
Can't talk about which propeller, I mean it's in neutral? I was concerned about over-revving it but it actually refused to reach the redline. I'm hoping that's Honda being fancy, rather than something wrong with it?
I guess what I SHOULD have done is deliberately recreate the alarm at home in the tub, then see if the thermostat fixed it. But at this moment in time, as far as I can tell - it's fixed?
Of course what it really needs is another run on the river/sea, running under a real load for a longer period of time. For now, revving it as hard as I could for as long as I felt comfortable, it didn't overheat. Or at least no alarms or anything
Yeah I should still do the impeller too, which by the sounds of it is actually a tougher task than the thermostat. Must say though, it pees like a horse so I don't feel this is too urgent and I'm pretty sure it's not why it overheated.
Let me upload some pics, maybe a vid.
You know what? I feel like refilling the tub and doing some more revving... But I best get on with work and do that tomorrow....
A peeing vid:
Or go fishing tomorrow
