My 1990 Evinrude 70hp temperature switch was upgraded in a bulletin in 1990 to the tan and blue 0584166 which was later replaced by the tan & blue 0584589, but my manual does not say anything about SLOW, so I guess they didn't have it on the 1990.
This is a friends engine that I am fixing for him as a favor. On my engines I always had/have a water pressure gauge and a water temperature gauge so I can see what's coming. For example, I remember one time the water pressure went down a tad and I started to look at it, then the temperature started to move up, and so I shut down the engine, tilted it up and found the inlets clogged with some weeds. Other times I knew the pump was going as the water pressure went down slowly over time.