So, what would be the optimal operating temps for oil and water? I have a three stage Stainless Marine Water pump. One stage to the intercooler and two to the engine. No thermostat. I am installing new Oil and Water Temp gauges this weekend and testing to be certain what I am seeing is accurate. Not much water temp on old gauge if any. Over 4000 rpms seeing maybe 160 on oil temp on old gauge. No noticeable water in the oil yet. Carbs sometimes sweat.
Water pressure is 10 -15 lbs in Sea Strainer and a few lbs at idle and 15 or so running.

I am having a hard time thinking I should be seeing more temp in the engine. I have three sources that I respect saying I'm good as long as the condensation burns out of the oil. What are your thoughts gentlemen on the cool temps?

Sounds like good info, we're running a blown 588 and I've always been nervous about condensation in the oil. We're running a thermostatic oil filter adapter on the front of the motor. (maintains 180/200 on oil temp) I'll try and remember to chase my water down, I believe i'm running thru the exh. manifolds then motor to preheat the water.
Sounds like a nice rig.

100ish* water (gauges hardly move off 100) 150* oil after cooler , 180* in the pan here. All good.

Thanks for the responses guys. Looking forward to this weekend with new gauges but I don't really expect to see higher temps. Just hope to!

How does the water leave the oil under 212 degrees? Not sarcastic just curious.

How does snow melt and evaporate off a sidewalk in the winter.

Water/moisture will go from high concentration to low .The heat helps keep it so moisture can evaporate.

How does water evaporate after rain when it`s not 212* outside

Why do my ice cubes evaporate/shrink in my freeze? sublimation
You don't need 212°F for water to evaporate. I don't believe merc recommends oil temps above 190°F range

ran an aftermarket oil cooler with oil thermostat on my 540 whippled setup. I believe it was 180°.

Worked perfect and got oil warm without having to beat on a cold engine to get some oil temp.

easy to plumb, and get working. I would definitely have it on any future builds.