Jim,
I have never had the problem you describe in 14 years of ownership of my CR42. Perhaps your installation is different than the one on my boat. Unless I understand you incorrectly, I certainly would NOT install a vent anywhere in the raw water hose. That would add an air intake into the raw water supply and would exacerbate the problem. I do replace the impeller more frequently than the 600 hours the manual specifies. In my experience they do not last that long. Are you sure there is no partial blockage in the intake thru-hull? Or a loop in the intake hose that extends above the waterline? On my boat the intake seacock is under the sink and the hose goes pretty much strait to the strainer under the settee and thence to the raw water pump on the engine.
At one time I considered changing to a Globe impeller. When I mentioned that to a friend of mine, who used to be an associate editor of Practical Sailor, he recommended against it. He said that they will run longer than a neoprene impeller when dry, but eventually they do fail, and then they fail catastrophically, in tiny little pieces. Much more difficult to locate than the blades of a traditional impeller.
Last year I installed an exhaust temprature alarm (Borel). That should go off long before the engine overheating alarm is triggered when the cooling water is interrupted.
Thierry
CR42#12 CURLEW
Baltimore, MD