Hmmm.... Now you've got me thinking. My Chris Craft did this once, there were pieces of an old water impeller up in the outlet port of the seawater pump. Also, my Sanger had a big weed up in the inlet hose. I was stumped for months on that one. What about the pickup on the drive unit or the passages inside? Maybe the inlet hose is collapsing? Or, have you checked for a blown head gasket i.e. from a cylinder into the water jacket? I agree with checking total timing, also fuel pressure at high speed. I still think it's cooling though. Late timing would be my 2nd guess.
DJ