I was just given a boat in an appropriately winterized state (plugs out of exhaust manifolds and block (2), return hose to water pump disconnected at pump). It started easily and ran fine with outdrive in a bucket. Ran it up to operating temp on land several times. Oil after that was good and looked new. Then I launched it, ran it 1/2 mile (good power.). Then I checked the oil: chocolate shake and overfilled (emptied 7 quarts). So far I have changed oil and filter, pressurized the engine side of the seawater cooling system: it held 15 psi and very slowly leaked down but still had some pressure an hour later. I didn't hear any air escaping anywhere. I have checked cylinder compression and it is uniformly 175 except 155 on #1. I have noticed that the exhaust bellows is loose from the outdrive side and the gearshift bellows is shot. I am new to I/O's and new to this forum. I have read the forum a lot so far and appreciate the wealth of information and experience here. I am wondering how to logically approach this motor issue at this point.