Re: 1990 Evirude 120 overheats.
Sure sounds like thermostats. At higher rpm's increased water pressure push the bypass valves open to allow almost unrestricted water flow through the cooling system. At low rpm's the valves are closed and water must go through the thermostats. I do believe on your particular motor that the thermostats are set against a spring and the entire thermostat assembly acts as the bypass.