I've heard the hose from the transom to the pump can collapse with age and restrict the flow. Maybe try running off earmuffs to see if you still get water.
Funny, I just pulled both my seawater pumps this weekend. I did overheat one engine the last time out. Well, it actually only got up to 200 degrees before it went into guardian mode. Since I didn't know the history of the impellers, I figured one must have gone bad. But, upon inspection, it was in great shape. I decided to replace both impellers, anyway. The problem turned out to be a bad thermostat. Note to self, check the easiest thing first!