Hi Nick,
Are you planning on wading / swimming out to your model to make manual adjustments? Or is it big enough to sit in?😁
In which case just pull the throttle back😂
Seriously (🙄)
The ESC works with a string of pulses from the RX.
These are sent from the TX as PWM (Pulse Width Modulation) impressed on the radio frequency; e.g. 2.4GHz, 40MHz etc.
This means the the wider the pulse the faster the motor turns.
So the simplest (and cheapest😉) way to limit the pulse width is not to mess with the boat electrics but to adjust the modulation at the TX.
This is done by using the 'End Point' function of the proportional channel you are using for the throttle.
Using this you can limit the max speed to 75%, 60% or whatever you want and suits the type of boat / ship you have built.
Check your TX manual for how to do this.
Cheers, Doug😎
PS
@ChrisF; Hope you're feeling better now🤕