johnson outboard problem

The compresion check is fine, the spark check is fine. The fuel was just replaced when we replaced the tank last week. The fuel is flowing fine.

It seems to be limited to 2300 rpm it will jump a little like it wants to get up to speed, but it doesn't.

I do have another question. water is coming out of the hole where the thermostat purges and it is constant. I think the thermostat is stuck. Here is my question, is there a sensor that would limit it from running WOT if it thinks it is overheating.