sorry, but do you have any clue where exactly these sensors are and a description?? thanks
I'm looking at the service manual illustration as I type this (we're not allowed to post them, sorry).
The two sensors in question are on the heads toward the rear (aft) of the engine. On each side, find the spark plugs. Between the top and middle plugs there is a sensor screwed to the head.
The one most commonly associated with this problem is on the port (opposite the driver, aka "passenger") side of the engine. It is Mercury part number 13536A14 and current price is $33.06 from at least one online vendor. Here is a link to a photo (I tried to inline it but it wouldn't work):
http://www.mercruiserparts.com/showSpecialPicture.asp?pn=13536A14
(FYI: The sensor on the other side is called, by the service manual, the "coolant sensor" and costs $52.29.)
In the service manual for your engine, page 3C-4, there is a table relating temperature to the DC resistance between the tan/black wires on that sensor. As a rough test, around 77F you should read about 1K ohms. At ~140F you should see ~248 ohms.
Remember, the intermittent nature of this test suggests it may be difficult to absolutely prove that this sensor is the problem. However, if I were you, I'd remove the sensor and put some lukewarm water on the cooktop. Hold the sensor in contact with the water (but without the leads getting wet) and measure the resistance. Then add heat, slowly. If you have a meat thermometer you could monitor the water temp as it rises, and watch what happens to the resistance. They should be inversely related (as one goes up, the other goes down) and the resistance should change smoothly.
But consider this: You're pretty frustrated with the problem. It's stealing time from being on the water. It might be worth ~$40 with shipping to "probably" fix it. That's a lot less than just getting an opinion from a stealership. At some point your time is worth more than the money you're "saving".
Intermittent problems are the worst kind. I would test as much as possible, but realize that at some point you may have to bite the bullet and spend a few bucks on the most likely solution.
If you do buy a new sensor, make certain the contact between the head and the sensor is spotlessly clean. Contamination there can increase the thermal resistance between the two, making the sensor believe your engine is cooler than it really is.
Report back!