Furbird never quote a haynes manual. thats like asking Krusty the Clown for advice
Rich1977 , first, why would you buy a 32 year old boat, much less one with a Mercruiser 470?
first, what is your compression numbers? should be about 140psi or higher
Mercruiser 470 motors will spit their head gasket with as little as a 10 degree overheat
cooling system pressure checks should be done without coolant in the water jacket.
as Kenny said, look at the water pump. most likely the seal at the cam snout is leaking. google speedi sleeve mercruiser 170
you will want to get a factory manual or view them on-line at boatinfo.no and if you need a head gasket, get a true mercruiser gasket for the motor.