That O-ring in the water pump seals both the suction and pressure sides of the pump. If one side leaks, it will leak water out. If the other side leaks, it will let air come in, which could mess with your cooling and temp readings. Either way, it is likely to drip water when the engine gets shut down, so if you don't have any drips, then the o-ring is probably fine.
I would also check the thermostat housing. From my experience, it should be changed with every other change of the exhaust manifolds and risers. The housing can get rusted passages that reduce cooling flow...especially in the two ports that go out towards the exhaust manifolds.
The temperature of your exhaust manifolds would tell you if you are getting enough water total water flow. If they run too hot, you have blockage somewhere (or bad impeller). If the manifolds run cool, but the gauge says hot, then you have a thermostat problem, or a temperature sensor problem.
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings