Thanks for all the help and responses guys.....really appreciate this.
Update number 2.....
Well, once again, I thought I would tackle the telltale issue by listening to your suggestions.
But first, before I started to pull things apart, I thought I would check the basics first. So, I traced the hose from the telltale to where it joins up to the block. There was a square type of connector with a nozzle connected to the hose. Unfortunately for me, it was right at the bottom of the engine and it was a b#%ch to get to. So, tried a few times with a pair of long nose (knowing that I am going to have fun trying to put it back on) and after a couple of attempts it came off. As soon as it came off, noticed that there was gunk (like grease) in the nozzle as well as the hose. Got a pop rivet and with a pair of long nose, slowly inserted into the nozzle and pulled the gunk out.
Now, time to connect the hose and start her up....fingers crossed! Took a couple of attempts to start her aaaaaand........BINGO
Water gushing out....YIPEEEEEEE
Left her running for nearly 20mins to see if water would start heating up. NOTHING.....WATER IS COLD AS!! Touch the engine block, barely warm.....SMILING from ear to ear.
So now, cleaned the hose and noticed the gromet that was holding the end of the hose at the telltale was worn out. Luckily, I had a packet of gromets exactly the same size. Pushed it in nice and firm. The hose end I had to use some marine grade sikaflex to hold it in the gromet as someone had used silicon previously but that was like chewing gum....come up like it was new.
Now something else that I noticed. Don't know if this is normal or could be an issue.
Whilst the motor was running, noticed that my prop was spinning even though it was in neutral. I know with my 2000 model V4, 115Hp Johnson, the prop does not spin at all when in neutral. This one was spinning at the speed as if you were to put her in gear just enough to get moving.....wasn't very fast but wasn't at snails pace either. I know this is not a new thing as this also happened when I first bought her about 9-10yrs ago as my first boat and I had no idea if this was normal for boats and I definitely didn't know about Fishraider.....so, just went along as it didn't give me any problems. Could this be normal for older boats?
Oh, one more thing (sorry guys, I'm being a pain now). Whilst the engine was on, I put the multimeter across the the battery and it was showing 12.8/12.9V. I know that my 115Hp will go up as high as 14.4V. Again, could this be a thing as its older technology?