On the 2 stroke the poppet valve is located under the thermostat housing. It is located on top of the cylinder head. Remove the cover and it's all there ready to inspect or replace. It's very easy. Be very carefull removing the bolts. If they haven't been removed in a long time they could be corroded and easily break. If they loosen turn the bolts in and out as you remove them just to be safe. Apply marine grease to them when you put them back in.
The pressure valve or poppet valve is #39. The thermostat is #41. If the grommet for the poppet valve gets smashed or out of line it won't work causing overheating at speed.
If you are overheating at idle and absolutely know the water pump is good check or change the thermostat.
If it were me I would change the entire water pump, thermostat, and poppet valve all at the same time. Purchase all the kits or required gaskets and grommets and do it right the first time. You can also see how much corrosion there is inside the thermostat housing to give you an idea of the cooling system. The entire cooling system may need cleaning.
For reference you can go to Boats.net as I did to get the schematics for your engine and see the cost of parts.