Looks like my issue was poor contacts between the plug and water pressure sensor. Little electric contact cleaner and so far so good. Damn that was frustrating!

Thanks for the info Ray.

It's BACK!!! I got 1.5 runs on it before the alarm started going off again. I have changed the sensor plug (my mechanic had one laying around) and am now waiting for the sensor to come in (ordered yesterday). I am praying that it is the sensor that is bad. With the corrosion I found on the plug, I am guessing the same corrision can be found on the pins of the sensor...... Other than that, the next thing I remove from this boat will be the drain plug

I had my mechanic scan the computer again, just to be sure I am still chasing the same problem. According to the last alarm The motor was at 3520 RPM and the block psi was @ .66 lbs. I find it very hard to believe that I was running less than 1 lb at that RPM, if I was there would have been overheat alarms. Instead, according to the ECM, when the alarm went off the boat was running @ 165 degrees.

So all signs are pointing to a bad sensor. So I have installed a new one this afternoon and will test again this weekend. I did notice some corrosion on the pins of the sensor and also noticed some sand in the sensor itself. It is very possible the sensor got packed with sand and was having a hard time reading higher psi.

Replaced the sensor and ran it hard for a good long while. Alarm NO MORE!!