The thing in the manual does not exist on my engine; there's a blanking plate there. Evidently the sensor is somewhere else, maybe that white switch thing?
The other day in the tub, after changing the thermostat, I ran the engine at 5000 rpm for some time, and no alarm sounded. However that was basically just a very fast idle in neutral, with no load on the prop at all.
The white switch is actually right in front of me. Has what looks like a probe, and somewhat corroded, so does indeed look like it was inside the water jacket, with a white plastic exterior plug socket (female), which has 2 pins.
I could probably pull the plastic connector (male) off, though I didn't try before in case I broke it, as there may be some technique for removing it that I don't know about.
If I were to pull it off I guess I could place a wire from one of the pin sockets to the side of the block, to see what happens when it earths..? There's 2 of them, so would have to try 1 at a time - or just try connecting them together and closing the circuit? I guess that's what the switch does, when hot enough?
I'll post the pics again:








