Raw water is not pulled through the outdrive by the engine mounted water pump. There is a lower unit water pump that is basically an impeller. This pump pushes lake water up through the outdrive and the engine mounted pump simply circulates it throughout the block. They are supposed to be replaced every 2 years.
Raeo, on his boat he does have an engine-mounted, raw water pump (impeller). There is no impeller in the drive. The raw water pump is different than the circulating pump.
Stroh... that's too bad you didn't have the 6 hoses on the housing as there may have been an easy solution. Oh well, moot point.
When it's overheating, can you feel the top of the elbows and see if one side is worse than the other? It's normal for there to be a minor difference, but you should (under normal circumstances) be able to keep your hand on the top of the elbow.
Have you pulled the elbows/risers to check the passages?
Did you closely examine the inside of the t-stat housing, looking for any obstructions?
While the engine is running, remove the small hoses from the water distribution manifold one at a time. You should get clear water draining from each. These are the ones that come from the block drains.