If it takes that long to shut off the alarm when it overheats, someting is definately letting things get too hot and better fix that before damage occurs. I'd say water pump/impeller is a good first step although it can be alot of things. I only say that because my merc 50hp has a similar issue but only when I go over 4500rpms.
I'd say water pump first and if that doesn't fix it, check thermostat. Also I recommend you get a compression tester and check cylinders. Very easy to do and the tester is only 30 bucks at auto store. Get the one with a flex hose and dual adapter which makes it very easy to use.
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Tracker 175XT w/50HP Mercury