300/440/550 think I got pump problems

Well I got a 550 as a box of parts. Got it all put together and went to the lake with it to see how it would do. The motor was getting hotter than I think it should. Not so hot that water would sizzle in it, but hotter than you could comfortably hold your hand on. Water was coming out of the pisser and exhaust, but more steem than water. When taking off it seemed to mee that the motor would rev up with no change in exceleration. I'm guessing that I am getting cavitation due to worn out sleeve, but just a guess, haven't had time to check it yet. I am also guessing that that would be the cause of my overheating. Any thoughts?
 
okay,... the gap between the impeller and sleeve was .013, I changed it and now the impeller just barely touches all the way around, tight but still spins freely, do you think that may have caused my cooling issues?
 
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