Steve-
Where do you want your water temp to run? Anything over 160*F precipitates the minerals out. Its more about temp GAIN in an open cooling system. At 120*F, and lake Elsinore water temp at 58*F (and Havasu at 63*), you are adding 60+* to the water.
Why does this matter? In a car, a 'good' radiator will efficiently cool 40-50*F, so 210* water enters at 160-170 range and gains again. On your setup, even at 120* is MORE (water heat) gain than an LS powered truck.
As far as oil temp, I have no clue on boats, however in the truck, the oil temp and trans temp rarely exceed the water temps pulling steep grades in the summer. (F350, 7.3 psd @195* water temp, oil @190* and trans @180* or so)
Hope this helps
Dan'l