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Blue Heron, you are correct on your description, except, all of the engines do not produce 23-25 # pressure. My 2.4L Merc 89 200 HP produces 12 PSI at full throttle as per the OEM Manual. I think it depends on which engine you have. If it does not have a water pressure guage installed you should do one right away. Then you know for sure water is circulating.
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I looked at my earlier post and I probably could have been more clear about what I was trying to say. What I meant was; The water pump produces about 25-30psi and the poppet valve regulates that to the 10-12psi you see on your water pressure gauge. When my poppet was stuck, pressure would go from 5psi at idle up to 25+psi at WOT. Now that it's working, it tops out at 10-12psi. I definitely agree about having a water pressure gauge.
I Didn't intend to hijack the thread. In regards to the original question, I have two Merc V6 engines, a '91 150XR4 and a '96 200. They've been very reliable. As long as you maintain the fuel delivery system (because it also delivers the lubricant), and the cooling system, it should provide many years of reliable service.