You didn't mention water pump, need to replace water pump too may not be getting the volume of water needed to keep cool.

I retired in 1991... before the "Ficht" engine was manufactured so I am not knowledgeable of that models design. However, the following may be of interest to you.

If this "run" alarm is in reality a steady constant Beeeeeeeeeeeeep (you don't say).... I believe that engine also has a Fuel Restriction Alarm (Not Sure) which is the same sounding alarm, in which case, check the following.

(Fuel Anti Siphon Valve)
(J. Reeves)

Many of the later OMC V/6 engines incorporate a fuel restriction warning via a vacuum device attached to the powerhead. If the engine overheats, or if you have a fuel restriction, the warning is the same.... a steady constant beep.

NOTE... Only the V/6 & V/8 engines have the above "Fuel Restriction Warning". The warning horn will not sound on the other models.

The fact that a engine is not overheating, but the warning horn sounds off with a constant steady beep, and that the rpms drop drastically would indicate that the engine is starving for fuel due to a fuel restriction. Check the built in fuel tank where the rubber fuel line attaches to the tank fitting. That fitting is in all probability a "Anti Siphon" valve which is notorious for sticking in a semi closed position. It will be aluminum, about 2" long, and the insides of it will consist of a spring, a ball, and a ball seat. If this valve exists, remove it, knock out those inner components which will convert it to a straight through fitting, then re-install it. Hopefully that cures the problem.

The above procedure will cure a restriction problem with the anti siphon valve as stated. BUT, it may also allow fuel to drain backwards to the fuel tank when the engine is not running (siphoning backwards) due to the fact that the carburetors/fuel pump etc are higher than the fuel tank. This condition is not an absolute as the valves in the fuel primer bulb usually prevent this backwards siphoning problem. However.... if this does take place, the cure would be to install a new anti siphon valve.

NOTE: There has been cases when the output valve in the fuel primer bulb would come apart, and the inner portion of the valve would actually reverse itself and be drawn back into the primer bulb's output valve body. This in effect would create a shut off valve and result in a fuel restriction. If this is the case, you should be able to feel something laying in the bottom of the primer bulb when held horizontally.
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Also, not being familiar with the "Ficht" model... If that is a crossflow model, check the following.

(Water Deflectors)
(J. Reeves)

Water deflectors are actually lengths of 3/8" outside diameter rubber hose, installed between the top cylinder and any cylinder beneath it, and also between the bottom cylinder and the block. The purpose of the deflectors is to have the water follow a definite path around the cylinder walls. Unfortunately the deflectors between the cylinders will at times swell sideways due to either a previous bad overheating problem, or simply due to age and salt corrosion. This causes a water flow restriction which usually allows the water to cool sufficiently at low rpms but not at the higher rpms.

This hose material can be purchased reasonably at any automotive parts type store if you care to make your own, or you can purchase individual deflectors at any Evinrude/Johnson dealership at a somewhat higher cost.

Removing and installing them can be a h***le at times, but not always. I use a sharply pointed scribe with about 1/4" of the tip bent at a right angle whereas I can reach in, jab the tip sideways into the rubber, then yank it out. It's necessary to clean the seating surfaces where the rubber contacts the block with a small rat tail file to eliminate salt deposits etc. When installing the new rubber deflector, coat the deflector and the metal surfaces with WD40 which will act as lubrication to allow it to go in as easily as possible.

Make sure that you insert something into that deflector area before cutting and installing the deflectors if you make your own so that you will be certain that they are the right length and also that they will be seated properly. Usually a very small amount will be left extending above the block sealing area..... simply cut the excess off with a single edge razor blade.

changed the water pump, now I have 30 psi. water pressure and no overheating problem. thank you !