30 hp 2 stroke run out of water

I have a 2006 m30a4, owned since new. Recently a plastic bad wrapped around the leg and starved the motor of water. I noticed as the motor sounded rattly and I shut it down. When the boat stoped a lot of white smoke came out of the motor. After clearing the bag I restarted the motor, at first a lot of steam came out the back of the motor but then it settled down and ran normally .
I have done a compression test and got 150 and 148, so all good there. I pulled the leg off and inspected the water pump, again hardly any wear. The motor runs fine, it's as if the whole thing never happened.
So did I get away with this? Should I check anything else? Would I expect a shorter life from my engine?

Thanks
Daniel

I think you dodged a bullet.

If you are pumping OK, compression is up, and the motor is running well, you should be OK. If the pump had actually drawn air, the impeller (and possibly housing) would be toast... but just blocking the inlet may have allowed the pump to run in water, but not move it. Since the M30A has 2 water inlets, blocking only one likely allowed the pump to get some water, just not enough to cool properly.

If you are not pumping well, I would install a new wp kit.

Thanks Paul, thats great news.
Another question, when this motor is going flat out it does 5800rpm. Is this to high for continues operation? I always throttle it back to 5500rpm.

Thanks
Daniel

WOT range for your motor is 5150-5850, so 5800 is OK; 5500 might be better for overall longevity, but considering how overbuilt that motor is, and how long it has lasted already, you should be fine. See your owner's manual.