I run a 75 Carlson CV21 w/ a 468 @ about 580HP. Get rid of the water pump, the JE pump on your ride provides (should) enough water flow with sufficient pressure to cool your engine. Ditch the T-stat or drop it to a 160F with 3 1/16" holes drilled in it. Get a pressure gauge on your set up, you've got to know what kind of flow/psi your running in the water. The pressure blow off valve works well, but you've got to set it with a gauge. A gate valve set at 1-3/4 turns should be sufficient. I know the lakes your on, I grew up and ran on Buggs Island & Gaston, good deep water.
I surmise the reason it runs adequately with the hose is the flow rate from your hose is making up for what the water pump can't do---it's shot. I might also check the clearance on your impellar to the housing, it might be too much. The previous owner may have done a quickie rebuild, i.e.- bearings, gland seals, maybe bowl bushings, and a gasket, depending on how froggy he felt.
Good luck!