Excess oil / goop coming out of tohatsu M25B

[GlassHopper9]

Hello, I recently got a tohatsu m25b. Similar to the m25c2 just a different lower unit from what I understand and the saltwater version. When I run the motor it smokes a lot. There is also excess goop that is coming out of the lower unit. I know two strokes spit oil but I don't think this is an ok amount. There isn't much information on these motors because they're so old so any help I can get I'd appreciate. There is water coming out of the pee hole and I believe I mixed the oil correctly of 50:1. The motor runs fine. Idles good and revs fine. Haven't taken it out yet. I will post some picture of this goop coming out. I did paint the motor black when I got it. It's originally blue. Thanks

 

[GlassHopper9]

Here are the pictures.

 

[Alumarine]

Are you running it in a bucket?
It's not uncommon for the unburned oil to get all over.

 

[Sea Rider]

Being an oldie, Power Tuner or any other spray decarbonizer sprayed through carb's silencer will restore lost agility and remove unburned fuel/oil mixture leftovers located on middle/lower leg, don't use a barrell though.

Much better is to use muffs hooked to house water spout while OB is at load geared forward, follow can instructions, just watch out for spinning prop....

After that, go for say 5 minutes wot spin as if were stealing the combo for all product/goop leftovers to exit lower leg.

Happy Boating