[THEFERMANATOR]

The water coming out of the pee hole comes out from where the water first enters the powerhead if IIRC on the cross-flows. It would always be cool. I would check your bypasses for the T-stats if it was mine and make sure they are opening. Also how old is the water pump impeller? A weak impeller will give low water pressure at higher RPM's and cause the bypass not to open and cool the engine off under load. When the horn is going off next time put your hand on the block and heads and see if they are hot or cool to the touch. You could have a back feed in the harness setting the buzzer off.