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Hmmm, these monsters usually have the opposite problem. This engine still has its original water controlled thermostat bypass in place?
Sometimes, the white thermostat flutes/prongs would get stuck in the swelled rubber thermostat seats due to salt pushing the seats out/deforming them. BUT, this usually only caused an overheat problem at higher speeds, when the thermostats were supposed to be off their seats.
Are both heads getting hot, or just one? I know the older v4 cross flows with the funky thermostats oftentimes overheat on the hose, but never really had a problem with the big loopers.
But, like you say, best to try it on the water first before getting in too deep. Regardless of whether or not a real problem exists, probably a good idea to get this gearcase off every couple of years to check/clean/lube the driveshift splines, as well as doing the water pump if the engine is used in salt water.