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My ancient Yamaha 2 hp, which is similar, had the same problem. First step, esp for a freshwater engine, is to check the condition of the water pump impeller, which is not that difficult to get to. After replacing mine, I still had a problem, which ended up being a cooling jacket around the piston that was completely salt encrusted. It was fairly simple to pop off the head, clean out the cooling jacket with a screw driver, replace the inexpensive head gasket and reassemble. It has run like a top ever since.
Even in top performance, I believe it is a more accurate description to say the cooling water for these little motors "spits" out rather than "pisses" out in a steady stream like it does in larger outboards.