Fixed! I hope.
Today the raw water stopped flowing at high RPM - and recovered at low RPM. Repeated the cycle several times - then it stopped flowing at any RPM. Sounded like a bad impeller - so we were towed in and I took the impeller out. Sure enough, the Run Dry rubber part slipped on the hub with little force. Clearly something that could cause the remaining symptoms.
I learned stuff that might help those of you who helped me:
1. The CAUSE was when the "pros" painted the bottom, they painted the inlet strainer so water was barely able to flow thru. Inlet strainers area a BAD idea, but if you must keep yours, be sure each vane of the strainer is sanded free of paint and a "proper" paint for bronze is sprayed on. When I finally dove the boat, there was about 10% flow.
2. The semi-clogged strainer caused overheat - and that likely caused the thermostat in the exhaust manifold to fail closed.
3. There never was anything wrong with the heat exchanger or the $4,000 worth of other parts that were removed, cleaned from their already fairly clean state, and put back in. This was just a diversion.
4. When the overheat caused by (1) occurred, I removed the impeller (guessed the most likely cause - and it was 2 years old), and replaced it with a spare RUN DRY - blue impeller. This compounded the problem because the RUN DRY was defective, slipping at high RPM originally and slipping at lower and lower RPM as the defect progressed.
5. The air we discovered in the Sea Strainer/Sea Chest was a diversion caused, in part, by the semi-clogged inlet strainer. If you don't use your wash down pump, remove and plug that opening in the strainer. It is not a seamanship was to connect the wash down pump and will cause you grief. The batch of hose clamps in the Ranger-supplied part of the boat was defective on my boat. I have replaced them all - but forgot about the wash down hose clamps - one was bad and leaking. Check your hose clamps every 6 months or replace them with higher quality hose clamps as I did.
This has been a frustrating and very expensive learning experience. I never tested the RUN DRY impeller when I installed, and the mechanic who removed/inspected/replaced it did not test it either - that error cost me about $8,000.
Thanks for everyone who helped e get going. Hopefully some of what I learned will help you.
1. If you have an inlet strainer, remove it or at lease clean it carefully after painting.
2. Remove and plug your wash down pump - if you need the pump, put in a dedicated thru hull.
3. Most important, Test your impeller by being sure you can't turn the pulley while holding the impeller firmly.
Sail safely /Stu