Re: merc 140- leaking head?
My head gasket and manifold gasket failed after having similar conditions you describe on the same engine and year, but an OMC.
Upon taking off the head and manifold, I could clearly see a blown head gasket and manifold gasket at the same place (between # 2 and 3 pistons). Apparently, this is a common area of eventual head gasket and manifold gasket failure.
I could also see very slight glazing on all four cylinder walls, but decided against pulling the engine and rehoning the cylinder walls and changing the rings. I just didn't want to pour that kind of time and money into a 20 year old boat unless I absolutely had too. It wasn't using/burning any oil anyways, so probably wasn't that bad.
I had the head resurfaced on a head plainer and the manifold also resurfaced with a surface sander at an engine shop. I checked the head for leaks at the valves by pouring gas into/onto the valve area and waited to see if it leaked. It didn't, but if it did a valve job would have been in order too.
I reassembled the whole thing with new gaskets from BRP and everything works just fine.