1..... Seawater pump impellers are considered to be "wear items" and need to be replaced routinely.
All too often people tend to look at the thermostat as if being the problem, when it's actually a seawater supply issue.
I believe that your 4.3 GL will be equipped with the crankshaft pump. If so, these impellers are easy to R&R.
http://www.marinepartseurope.com/en/volvo-penta-explodedview-7744270-26-6928.aspx
2..... Volvo Penta has always used an engine mounted seawater pump, of which means that the hose from the drive to the pump is a suction hose. A tiny suction breach (such as a crack into the hose interior) will cause an issue with the seawater flow, of which will cause an over-heating scenario.
You should also pull the exhaust elbows off, and inspect the seawater transfer ports for signs of rust scale that may be restricting seawater flow.
http://www.marinepartseurope.com/en/volvo-penta-explodedview-7744270-25-6918.aspx
I just replaced the water pump and is was shot. Should I be concerned with the rubber pieces that have come loose. If so, how do I flush the block of the motor. I am sure it is in the motor. I am going to take off the thermostat and start there because I am sure there will be some there. Any other places I should look and flush?