No water is coming from the pee hole when I run the engine regardless of speed. However when I stick a wire up the hole to see if it is clogged it does have water on it. The screens are not clogged on the intake either. Is it possible the water pump is bad? Anything else I should check?

If engine is overheating, water pump may be bad. If it's been over 2 years since water pump replaced then replace it.
Try ****ing out tell-tale with compressed air.

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Honda Outboard Parts

If your running in shallow water where there is a lot of sand, the hose itself may be clogged up, or if you are running in salt water, and dont flush the engine afterwards it may have salt crystals built up in the hose from the "pee hole" clean the hose out and use some salt away.

Try the impeller if that doesnt help.

I had the same problem last summer. Turns out I had bits of impeller plugging the water outlet. By removing the brass fitting the rubber tube is connected to I could see the obstruction and remove it. Then I had the water pump replaced.

Thanks all. I used compressed air to **** through top peehole and retried engine and it worked great. I guess I may have had a bunch of stuff in there since the engine had been sitting for awhile.