As I'm sure you are aware, there can be a lot of shaking and vibration when the seagull is running and this can loosen the bits of crud and rust inside the water jacket and cause a blockage. You need the higher revs to keep the water flowing and when idling you will often find the water flow is poor.
You may need to order some parts, new gaskets,bolts etc., probably best to take it apart before ordering parts and see what is needed.
When my father was taking my outboards apart he was using a roofing blow torch to heat up the head studs, not sure if you would get enough heat with the heat gun. If you are not tackling the job until the weekend, it would be no harm getting some "Plus Gas penetrating oil", and spraying the head bolts liberally over the next few days.
https://www.amazon.co.uk/English-Abrasi ... B0001P02RK

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John Williams advise about head removal on the faq on main SOS site
http://www.saving-old-seagulls.co.uk/faq2.html#headleak
My British Seagull runs for 15 minutes then loses power, slowing to a stop. It is not seized.
Sadly this is classic sign of the leaking head gasket, so the head is going to have to come off. I know, it says 'Do not Remove' Yes, it is for a reason, you do not have to de-coke, as we once did with two-strokes, and these screws actually go into the water-jacket, so they can be more than stubborn to remove. A gas blow lamp helps, plus some WD40. They are 5/16 BSF if you need to clean up the threads later..... I now have new S/S head bolts! £2.50 each, same price as rusty ones!
When you have the head off, check there are no faint black marks in the bore... This could be the only sign you might get that the block has cracked, giving the same symptoms. Normally the outside of the block will have gone as well, time to find a new block.... Yes I do have them, for the Forty and the silver Century, but at a price!
Assuming the block is OK, refit with a new head gasket, they are cheap enough, with heat proof silicone sealant, sold in car accessory shops as 'Instant Gasket' or 'No Gasket', orange or black in colour. British Seagull recommended it, as the head and block joints are often not smooth. Tighten bolts finger tight only, leave for 4 hours before finally tightening to 18ft lb, a good hand spanner tightness!