You can get a HOT alarm and indicator light also if the water cooling to the EMM is inadequate. Often it is because of debris or salt buildup in its cooling system. Other times it could be due to aerated or disturbed water flow at the gearcase water inlet screens.
A tech with the diagnostic software can access the error codes in the engine computer (EMM) and see what type of overheat condition and where it is occuring.
I forgot to mention I hit a log and busted about three inches of the scag off
That sounds like a very substantial impact. See your dealer to check for other damage such as motor mounts and to retorque your gearcase and powerhead bolts as they may have been stressed. The propshaft should be checked for any wobble over .002"