Here's a recent discussion on voltage regulators:
http://www.marineengine.com/boat-forum/showthread.php?432842-Over-charging&p=545412#post545412
See my comments, I posted some links to various regulator/rectifier assy's that would work on your motor as well.
There are water pressure gauges that have a range compatible with your motor (0-15 psi typically). Usually these don't pump much more than 10-12 psi at full throttle, quite a bit less at idle.
So it sounds like you have the very $$$ sensor, an aftermarket kit with temp gauge and sensor would be way cheaper if you can fit the sensor in the rear cover. Otherwise I suppose you might be able to install it in the telltale line, if you can find a "tee" that would install in the line, and have the correct threads for a sensor.
Here's a temperature gauge at this site, you'd have to order the sensor/sender separately:
http://www.marineengine.com/products/accessory.php?in=1763269
Here's a water pressure gauge kit:
http://www.marineengine.com/products/accessory.php?in=1763215 Although you really only need a 0-15 psi gauge; I don't see any of them at this site. Note you'll find the compatible temp gauge if you scroll down the page.
If you have a weak telltale, be sure it's not plugged. Blow compressed air up the tube and see if that helps. If it's been a while since impeller replacement, probably a good idea to do so.
If your motor does have a regular thermostat (and I'd have to look it up to be sure), the block will run fairly warm but the exhaust manifold cover should stay cool to lukewarm. If the manifold cover is too hot to touch, it's way too hot.
HTH..........ed