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Doing some more thinking, and I'm not getting a good feeling about this. Let me ask - did you do a sea trial on this boat before you bought it? How was the engine running during the sea trial?
a) No oil pressure is NOT good. Might be the gauge (hopefully) - worst case the bearings are gone (and perhaps other things with them).
b) 190F is OK for a glycol cooled engine running hard. At 1200 rpm, you're NOT running hard and temps shouldn't be so high. Do you have a thermostat installed? If you have an IR thermometer, try to get inlet/outlet temps for the engine and heat exchanger. Are you only reading the electric temp gauge? Where is its sensor (the location at the front of the head is poor, IMHO).
c) klacking noise???? See a)
This might all work out fine, but I don't see a path through the thunder clouds yet.
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