Re: 1986 Merc 150 HP XR2: How many thermostats?
Bad news, it has two.
Good news, it seldom needs a new thermostat.
Pull the LU, and pull the pump down to determine what parts you need. Minimum is impeller and 1 gasket. If the wear plate is worn, you need the gasket under it and the plate itself also. Also look over the exit seal to be sure it looks good and is pliable.
If you don't have a water pressure gauge on the boat, spend the money you were going to spend on t-stats on a pressure gauge and install it. That one gauge will tell you all you need to know about the cooling system.
hope it helps
John