I think there's way too much going on here. It's not that complicated. I've been taught by a really smart old school boat guy.
I've only run BBC's and cannot speak for Ford's or Old's, I've read some things about these motors that make me think if I had one I would set it up differently.
I personally will never restrict water flow at the pump, experimented with it with an old boat of mine with bad results, not enough water. First let it flow in. I'm running about 800+HP and also have a T valve under my seat. I only run water to my exhaust when on plane. I have 2 exits, intercooler and thermostat housing. My gauge sensor is at the thermostat area. Water temp 150ish all the time. Oil temp sensor near oil filter 170 when running hard. I had my engine set up based Bob Teague's recommendation and yes it's honed a little bigger than a car engine. Everyone that I feel has knowledge that should be trusted tells me the same thing - LET IT FLOW! It will run cold, that's the way boats are. Yes it will run a little faster if you warm it up a bit, I've done this and have also burned things up do to the lack of water flow.
For me gauges are not so much about where your running at, but more about change to let you know when your having a problem.
After reading this thread I still don't know what your having trouble with. Is it all about what your seeing on your gauges or is the boat running poorly? I see you read about over pressuring the system, I did too and thought some similar things that you did. After futher research I decided I don't need to worry about this. I did set up my engine from the ground up to do exactly what it's designed for - run a boat and run cold.