Thanks for the info. Just wanted to get a few other opinions. I will drain/replace the gear oil just in case of water contamination.
I have a 1979 470 in a 20ft wellcraft. .. in 2010 I used my boat. winterized it with leaving the oil used that year in it. this year 2015 I used the boat . sat 5 yrs . fuel tanks 2010 drained completely. added new fuel and it started up good . got to operating temp then drained out the 5 yr old engine oil. used 15-40 wt with about 8OZ of the zinc oil additive. engine ran great all season ...used no oil..plugs looked new when I added oil to the cylinders this week .
on the drive ..I always take off that top cap on my MR alpha drive.. if I see condensation ,then the drive has a leak... I also use a pressure gauge and put 7 PSI of air in the drive to check for leaks .. if it holds pressure for a day then no leak. I keep the drive in my house not on the boat in winter.. drive is 1979 still in good shape.
exposing the drive to extreme cold temps then hot in summer this can get those seals to breakdown and then the leaks. also water will get to the drive in places like the lower shift shaft seal and damage it. last time i took my drive apart was in 2005. I had 2 leaks.also water pump impeller distorted.
I use light wt engine oil to flush out the drive if with water.then after repairs pressure test. I just checked the upper gears in the drive and the metal is perfect.
owned this since oct 1986. have had good luck with it ..