oily substance coming from 135 hp omc
 

http://i293.photobucket.com/albums/m...psctboy4wy.jpg
What in the world is this crap? Its not sludgy.....its a clean oil. Whats it from?

When you tilt the engine fuel runs out of the carbs... Tilt it back down n presto...

Ps... Missing a bolt there?

Its wierd though....it doesnt even smell like gas at all. Almost like pneumatic oil.....wierd.

It could be crankcase oil getting pushed out. Some outboards have a hose that hooks to the bottom of the powerhead and pumps that oil back up to the top. The oil that collects will not have much gas in it, but is normally a light oily type substance.

Ferm is this a bad thing? My dads old 200 hp seahorse did the same thing.

Just make sure the hoses are all good on the powerhead. You have to remember, you a re dealing with an old outboard, and back then they didn't care if some oil dripped out when they sat.

Well after running the motor tonight i noticed the motor smoking alot on start up.....residual oil.....and exaust under the cowel im betting its a powerhead base gasket gone bad. Anybody have any other opinions?

If the base gasket is gone, then you could be seeing exhaust pushing out.

My 90 Johnrude did that very same thing for many years. I premixed and ran fat on oil all the time. I was under the impression mine was exhaust pushed because it was more burnt than yours appears to be.. I never was worried with it. I was attempting to go after a rusty swivel bracket on that motor, so I had the powerhead off. I replaced the base gasket and the annoyance of that "oil" was gone once and for all.. That was a fairly cheap fix as I had a gasket laying around.
BTW- The burnt goo/oil leaking out of the lower unit around the prop once led my mom to believe the propshaft seals were bad, so she had them replaced. She drove the boat to the mechanic by water. The mechanic let the boat get caugh under the dock and screw up the gunnel on the port side. I had just replaced the gearset,bearings and seals in the lower two weeks prior. At two weeks old the seals were fresh as a daisy. What a PITA that mechanic was, he saw an easy mark in my mom and took advantage. She was just doing me a soilid, she didn't know any better. Another one of those moments in a boaters life..

I don't care about a little oil seepage anyways... SPLASH THAT BIOTCH ALREADY !!!!! What are you waiting for?? I will start the drum roll now and send you a bottle of BRUT for the official naming/launch ceremony...
:beer: