If it stays at 15PSI with the engine off, then the gauge more than likely has frozen with water in it and damage it. VERY common and a new gauge will take care of that. Just make sure to blow out the line.
That is a very big loss in speed!!! Do you have any ideal of how many hours is on it??? Is the check engine light on? The 3L family has a 200, 225, and 250. According to one of my replacement power head books, the 225 and 250 are the same engines with the 200 being different. If the power head was replaced and not rebuilt, you may have gotten a 200 and would account for the power loss.
Skeeters engine I recently modified was a 200 OMC (Johnson/Evinrude) on a 20' Javelin and it ran 62.4. After being built and modified to a 250, it ran 75.9 the other day. This is almost backwards to what you have. Some of the H.O. engines are very strong. A 225HO and 250 are almost identical engines. Example is a carburated 225 H.O. is about 245HP.
Where are you located???? I have a program that is suppose to work on the EMM (computer) on that year and we can take a look for codes, hours since break in was innitiated, data stream and see if anything stands out. Just a thought.