Dang!!
That thing sounds GREAT!
The part that's leaking next to the T-stat is the flush valve. One of the most troublesome things Honda added to this outboard
But, it's really just a minor neausance and easily remedied in a few ways
1. You can replace it. See items 2,.3 and 4
In the link. And, while looking at that, note items 1 and 12.
Item.1 is the.zinc for protecting the cooling system and 12 is the screw that holds it. Servicing the flush valve is a good opportunity to replace them. Don't reuse that screw because it will sieze. It might break off as you try to remove it. Try not to do that as it's difficult to get out without boomerang up the female threads.
2. Some guys choose to stop the leak by inserting a bolt in the hole. It works. Just not the way I like to do things.
My method is to remove.the water jacket, replace the zinc and screw and then inspect the flush valve. If the spring (item 2) and washer (item 4) are good, I simply clean them off and flip the washer over.
The valve piece (item 3) never goes bad.
I replace the cover and....HERE'S THE SECRET...
...I never use the flush valve again!
I prefer tank flushing as you show in your video. It's a SUPERIOR flush and, by not using the flush valve, the gasket doesn't get .misaligned again and cause the leak.
Looks like your pal got himself a BANG UP DEAL!!