The difference in the two sensors is that if you remove the wire from the OT sensor at the first junction....just pull it apart, it will read open to ground until the engine water gets to about 195 F for most that I am aware of. Then the button Graham mentioned will short the wire to ground, as he said energizing the horn.
The sensor that is designed to operate a temp gauge is an alalog device and the gauge and the sensor are in series across 12v and ground. As the temp of the coolant changes the temperature sensitive resistor in the sensor changes resistance causing the current through the meter to change thus changing the deflection. So to ohm that sensor you would read probably something like 30 to 300 ohms depending on the temp.....definitely not an open nor a short to ground.
Personal comment: Surprised that Merc would put two sensors on an engine of that hp. I have a 90 ELPT and only have the OT, but I do have a 1/8 pipe brass plug in the rear of the head water jacket cover where one could be added.
I looked for a wire Merc might have in the wiring harness for that function in the 75 to 125 inline 3 and 4 cyl engines and found none. Also looked in the Quicksilver Commander remoter control wiring harness and found no wire/color either.
Maybe have to run a separate wire.
HTH,
Mark