Re: 488 mercuiser
Sounds like it might be a leaking heat exchanger. Coolant mixing with seawater and draining out the drive.
Isolate the coolant lines to the exchanger and rig up a pressure gauge so you can put air pressure to it and see if it holds. (If you take the hoses to a plumbing supply they can set up the fittings and gauge for you).
Keep the air pressure within the rating of the radiator cap which is stamped.
If it leaks you can have a radiator shop repair it.