Or it could be a sticking check ball if it has the spring loaded valves in the T-stat housing. As for teh drop in RPM's, was it only under load or did it still do it in neutral? And that boat has been for sale for quite awhile now MANY times. It's been listed here 3 or 4 times that I know of over the last few years. She's a nice looking boat, but I always thought it looked too clean as well.
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2011 SUNDANCE B20CCR SKIFF, 2011 YAMAHA 90HP 4 STROKE, 2011 KARAVAN SINGLE AXLE ALUMINUM TRAILER, LOWRANCE ELITE-7 HDI, MINN KOTA RIPTIDE TROLLING MOTOR
2000CC HYDRA-SPORT 225+HP EVINRUDE SOLD 
AND THE PINK JEEP!!!! R.I.P.
http://www.wellcraftv20.com/communit...ad.php?t=11664
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