I don't know if that engine will have an overheat alarm, others may know.
It could be an impeller, blockage (sand in the intake or a blade of the impeller further up) the poppit or you simply need to clear out the tell tale hole with some wire, pretty common that happens.
The good news is the tell tale is just that, if you had no cooling at all you would have seized the motor up pretty quickly so I suspect you did have some cooling atleast, 99% of cooling goes through the prop normally.
Check the intake first, then try clearing the tell tale while running on muffs, just don't run it too long. If that doesn't work then look at the poppit or maybe stats.
I would replace the impeller/poppit and clean out the tell tale with wire as the engine is unknown to you regardless. Ideally should have changed the impeller when you got the engine running correctly, asking for trouble not doing so on an unknown engine which was dormant for a long period.....live and learn