You do not under any circumstances want to restrict inlet flow to achieve desired temp. The jet boat guys run those regulators because a nice tight pump can make in excess of 100psi in the block which will kill head and intake gaskets. The Mercruiser raw water pump will never do that. You need to maintain a minimum of 15-18 psi in the block at speed for proper cooling. Although I would suggest sticking with a t-stat, if you are dead set against it you can use the restrictors that were mentioned above, but you must keep the pressure up.
You don't want to reduce flow. Steam pockets can warp heads etc.
You could install a liquid-to-liquid heat exchanger on the water inlet and outlet. It should help preheat the incoming water and cool the water that will go into the exhaust. A win / win
I bought one of those thermostals and housing with 4 ports on it. Now my water pressure is around 7psi with no loss of flow. It was $115 from JP or JC or something marine. Polished stainless, looks bitchen.
Now my water temp is solid at 180psi. Or at least it was before my engine ate some rod bearings...
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