Salt water or fresh?
depending on the water conditions it was run in, also could have sand in it may be? Only indicator of that would be a scratched up hull and the lower unit missing paint but still be intact. You check out the raw water pump? Might as well replace it. If you replace it and it still overheats at WOT, it might need a new circulation pump on the front of the block. With the engine running on a hose, you should be able to see whats up with it without having to put it in the water. Down tubes rust and flake all the time, if its white though, you might have a problem with the water injection system on the risers. Those are most likely rusted either off or shut and will have to be replaced.
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