Help Please!!! Drive Oil In the Bilge

[becdea]

This started just a few days ago. I seen oily marks on the water when bilging my boat. My wife noticed the distinct out-drive oil smell when she was sitting in the passengers side of the boat also the last 2 days. I went to bilge the boat today after it had rained and the I ended up having to replace the the bilge pump this year. while doing that I noticed the out-drive oil smell and seen the oily residue on the top of the water when it was pumping out. The boat is still in the water and I do plan on pulling her in the next day or 2. There is also oily reside in the bilge area (I have a ski rack area and can see the oil on the top. It was full due to a heavy rain today.) I went back later today to try and find the leak which I believe I did find, that is why I am pulling her out of the water. I will get to that further in the post.

***BOAT BACK-ROUND***
-MerCruiser 5.0 LX CID 305 Thunderbolt Ignition 1993
-MerCruiser Alpha I GenII
-Outdrive starts in OD8/Engine starts in OFO
-Bellows and seals were replaced in the last 2 years

I seen the drive oil leaking from just above the drive shaft inside the boat once she was warmed up for a minute or two. I can visibly see the oil foaming out just about the drive shaft where the outboard comes into the boat.

Any insight or suggestions?

 

[AShipShow]

Are you sure it's drive oil? The lube monitor has a sensor in it that will set off the alarm if it runs out? If you're sure it is, there's only 3 places inside the boat it could leak... the monitor bottle, the hose from the bottle to the transom or the fitting in the transom assembly.

 

[tpenfield]

Hopefully, you will be able to get a better look at things once you pull the boat out of the water. Jross has outlined the 3 major things to check for reservoir leakage. Another thing that I can think of is if the driveshaft seal on the outdrive is leaking badly, you will get lots of oil in the bellows, which can then come through the gimbal bearing and into the engine bay.

 

[becdea]

I was not able to pull her out today. So I filled her outdrive up with oil. It was about a pint low. I am not sure where the monitor bottle is located. I started her today and I could not see any oil coming in.
Yesterday when I seen it coming in it was where the drive shaft connects to the outboard, I am like 99% sure.

 

[Bt Doctur]

I was not able to pull her out today. So I filled her outdrive up with oil. It was about a pint low

How did you get to the bottom plug to fill it from the bottom of the drive? How did you determine it was a pint low.
Most take a quart and about a half, thats 3 pints so being a pint low, thats dangerously low
From the manual:

If more than 2 fl. oz. (60 ml) of oil is required to fill
drive unit, an oil leak may exist. Find and correct
cause of leak before unit is placed in operation.
4. If oil level is low, reinstall oil vent screw and sealing
washer. Remove oil fill/drain screw and insert
lubricant pump into oil fill/drain hole.
5. Remove oil vent screw. Fill drive unit (through oil
fill/drain hole) with oil until an an air-free stream
of oil flows out of oil vent hole