Re: 1957 johnson 7.5 lower unit leaking
You are going to have to pull the powerhead (not as hard as it may sound, only 2 fuel lines and about 6 flathead screws with a well-fiitting screwdrivier) then disconnect the shift shaft, then undo the lower unit to midsection bolts and drop it. Change the water pump impeller. In the summer, the water coming out the exhaust relief should be a little warm mainly because it's mixing with hot exhaust. But not hot. If so, not enough water is getting to the powerhead. Either way, if you can't put your finger on the cylinder head and hold it there for 3 seconds after any distance wide-open throttle run, then it's getting too hot.
Now you're going to have to reseal that lower unit. Just get a seal kit and replace them all. The shift shaft seal is a common culprit and you'll probably have to ask how to get it out (o-ring under a bushing), but we can help you on that, as well as how to get the old seals out since the propshaft is often a culprit as well due to fishing line behind the prop. Once you get it resealed you'll be in good shape. If you keep running it with water you'll ruin your drive shaft bushing and possibly driveshaft and then need a new lower unit housing. You're about to get a real education on the joys of old outboards, but fear not---that's a great motor and fun to work on once you learn the basics. I got my education on a '55 7.5 evinrude from the guys on this forum just a couple of years ago.
The good news---the seal kit is cheap. The clutch dog and gears that are expensive and hard to find must be in good shape on your motor or you'd be complaining it's jumping out of gear on you.
Need a parts diagram, we can do that, too!

Then again, maybe you may want to find a mechanic that'll work on a motor that old.
good luck,
JBJ