Re: Grey motor oil
The motor shouldn't run hot before the thermostat opens. Remove the thermostat and check it in a pan of water on the stove with one of those candy thermometers in the water. My 1974 Merc 140 uses a 140 degF thermostat, I suppose yours does, too. If the thermostat checks OK you might have an intermittent blockage in your raw water cooling circuit. If you have a Late Model I sterndrive like I do, you might check the water pocket in the upper unit. That's where I had pieces of old impellers. The really bad part is you never know when the blockage will block, and I don't have an overheat warning.
I recently cleaned a lot of gunk out of my oil pan, without removing the pan. Folks on here have said that with modern oils no gunk should accumulate, but I have no idea what oil the prior owners ran. Anyway, here is what I did. This first step you can skip if you'd rather--I warmed the engine, then put 1/3 can of Seafoam into the oil, ran the engine for 5 minutes and then drained the oil through the oil pan drain hole. (Previously was sucking old oil out the dipstick tube and that never got the gunk out.) A fair amount of gunk came out. Using something like Seafoam scares me (so don't use it if you're not sure), so I then did my best to wash all of it out, along with any remaining gunk. I had gone to Wallyworld and bought 2.5 gallons of SuperTech 10W-30 oil (less than 10 bucks for a 5 quart jug). I refilled with this oil,, ran for 5 minutes, drained. Did that twice more. Then let the oil pan drain overnight. Changed the filter, filled with Mercruiser 25W-40 and test ran it. My original symptom was that the oil pressure was coming up very slowly on start and wasn't going high enough. Figured it was a clogged up oil pump screen. Fixed--good oil pressure now. Anyway, this is something you can do in just a few hours for something like 35 bucks including filter. Then take her out and see if you still get milkshake oil. I even gave all that drain oil to my buddy who has an oil burner to heat his shop in the winter. Good luck, hope you find it. Must admit, I am jealous of a $600 boat, I/O and trailer! How cool is that.