Overheating starboard side of engine

[Carl]

I think I may have found my issue with the water flow on this engine. I was running at 3K rpm and inspecting the engine for any source of water leakage where it shouldn't be. I found water spurting out at the exhaust plate connection - where the power head meets the exhaust tower. It looks like a piece of the gasket is compromised. The higher the rpm, the more water spurts out this spot. Does this sound like the culprit? How hard is to to replace this gasket? I'm assuming the power head has to be lifted?? Annything else I should replace if I separate the powerhead?

Thanks

Carl