After the first 5 minutes of the day cruising on full throttle (which is
needed to even plane on a bw rage 15 jet), my engine revs drop from 5200 RPM
to 4700 RPM. After the initial drop it seems like every 2 minutes or so I
get the short boost of power backup to 5200 RPM but then quickly drops to
4700 RPM again. Unfortunately with this little power I can't even plane out
with 4-5 people in the boat!

I am thinking it is a cold/warm temperature/thermostat issue. A couple more
things that might help:

-- yesterday after we had cut the engine and been sitting around for 30-40
minutes, I turned the key and got the continuous overheating horn, when the
engine was obviously not overheated. After turning the key back and forth I
got it to operate normally. Weird! We quickly motored back to launch ramp.

-- I think the "temperature switch" is located around the heads on the
starboard side of the engine. Coming out of the harness there is a orange
wire that goes into the head. There is also a black wire coming out of the
harness that has a connector, but isn't connected! Is there supposed to be
another wire coming out of the head for this to connect to?

Anyone have any ideas or suggestions on how to attack this one? Thanks in
advance!