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The motor could have been getting hot from something that was blocking the water inlets partially. This would cause the oil to get hotter and thin out, thus giving you the alarm. Keep an eye on your drives if you are running weed lines, as it can clog the water intakes and then overheat your engines.
Yes, I read the question several times. I work on all brands, not just Mercs.
Since engines all are different internally, you will have some difference in RPM at the same throttle setting. 100, or even 200 is about normal.