I had a issue like that and it turned out to be that the head rotted a hole in it and allowed water in the crank case, I replaced the head and was fine for another 2 years when the motor rotted internally and was junk!
If I was you I would remove the engin and all and fill the hole and add a bracket and Outboard, Thats what I did and it was the best thing I ever did!! and if you are handy you can do all the work yourself and get out of it pretty cheap
Good Luck
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1986 V20 
Old Fishermen never die, we just SMELL that way!!
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