we recently got a 1968 mercruiser 120hp i/o, we have several problems that of course the seller did not bother to talk about, first is when you open it up as soon as it hits 40,000 rpm the engine cuts out and you have to back off, second is it takes on water, we sat the boat in the water for 15min pulled it out and the lower plug poured water for 5 mins, the only thing I have found is the drive shaft bellow has a 1 inch hole in it, also I redid the silicone around transom but nothing worked. How is water getting into the bottom of the boat? any ideas? thanks