I've got a Mercruiser 120 and the dip stick is a lil milky, however the big problem I have is on the oil cap the gunk on it has the consistancy of mayo see picture attached from my lil research could be a exhaust shutter?? which is possiblel because there is also a ticking sound on the top end near the rear of the engine close to the stern.

the other problem is cylinder 2&3 have approx 90 psi so that sounds to me like a head gasket between the two cylinders.
and one other small problem there is a strong exhaust smell at WOT however at idle it goes away, and with that i'm kinda lost any ideas on what I can do to help this engine??

the other problem is cylinder 2&3 have approx 90 psi so that sounds to me like a head gasket between the two cylinders.
and one other small problem there is a strong exhaust smell at WOT however at idle it goes away, and with that i'm kinda lost any ideas on what I can do to help this engine??