I just went through all this on my engine. It turned out to be a melted and scored housing on raw water pump. I replaced impellar without looking carefully at the housing. You will get water flow even with a bad pump and or housing (depending how damaged it is) but it might not be supplying enough to cool engine properly. My engine would run to almost 200 degrees at idle with a brand new thermostat within say 10-15 minutes. If I throttled up to say 1500-2000 rpm on trailer with muffs it would drop down to like 175 degrees. However, you should check the condition of your exaust shutter to see if it is melted maybe blocking exaust gases which could make engine run hot. See what it looks like and check your raw water pump real good. See if any blades are missing from impellar. If so, check water pickup tube on upper unit for debris or blockage. Maybe run a hose from heat exchanger supply hose backwards toward the drive in hopes of pushing any blockage towards the drive. (of course with the lower unit removed already) I had a few chunks from my impellar at the entrace side of heat exchanger that I had to remove. If you ran the engine without enough water height in the tub, it is possible that you may have cooked impellar and exaust water shutters. Maybe check power steering cooler for pieces of impellar if indeed you have power steering. Just a thought. I am not too familiar with the 140 engine so you might have a problem with your water pump and or thermostat.(could also be your risers or exaust manifolds but try the easier things first) (go that route last after checking all the other stuff) I am assuming you have a closed cooling system with antifreeze. It sounds like the impellar is weak if the engine runs cool on the hose. But you have to understand that the hose pressure is forcing water up through the drive and into your raw water cooling system so it does not give you any information. Did you check supply line from raw water pump to heat exchanger? On my old damaged pump, I had a soft flow of water at idle. With the new oem water pump kit with the lower housing soup to nuts the flow rate at idle was significantly greater. It was basically obvious at that point that my raw water pump was weak and not able to produce enough water flow to cool system. At first,
I tried the easy route by replacing just the impellar on the raw water pump. That attempt failed miserably and I ended up back at square one with little or no information as to solve the problem. Had to tear down lower unit again, install new oem raw water pump kit, put everything back together again, fill with drive back up with oil, etc.,etc. My point: Once is bad enough so be be diligent,thorough,know what to look for (manual helps), and sytematically take one particular part of the cooling system at a time making sure all is well and good before reinstalling anything! Just saves for alot of bother and frustration. You'll figure it out one way or another. best of luck, Tom