Not sure what that is (never had a Ford marine engine) but based on the schematic that Niagara posted, the temp sensor should be underneath one of the hoses coming off your thermo housing. Cold reading on marine inboards in my experience about 90% of the time is a sticky thermostat that does not close all the way. It could be a gauge, sender or wiring problem, but I've replaced at least 5-7 'stats over the years for this same problem. A piece of rust gets in the seat. So what I learned:
run the boat up on plane, let the engine get at least to 160 where the stat starts to open. Then take a large wrench and tap on the thermo housing, this can dislodge a piece of rust stuck there and lets the stat close. Then it will run at normal temp. If this does not work, you have to change the stat.
Your engine is EFI, this should be what you got:
http://www.crowleymarine.com/johnson-ev ... /56697.cfmthis # 25 is the water temp switch
here you go the thing you fiddled with is in the water pump actually....it is also a sending unit...probably for the EFI system..
http://www.crowleymarine.com/johnson-ev ... /56696.cfm