As Beamishken said, check the exhaust elbow, if its the original cast one then they are prone to corroding and blocking the mixer channels.
A quick test with the boat in the water is to squeeze the water pipe at the discharge elbow, rev the engine in neutral, if the pipe goes rock solid you probably have a blockage, definitley woth checking.
I had this, took it off poked and prodded about for an hour and got a load of rust and carbon out, which solved the low flow problem, I replaced the elbow with an aftermarket stainless one soon after.
Another weak point is marine growth in the intake behind the fins.
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I must go down to the sea again to the lonely sea and the sky
All I ask is a tall ship and a star to steer her by
the wheels kick and the winds song and the white sails shaking
a grey mist on the seas face and grey dawn breaking
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