Re: Sea King by Chrysler 7.5
First thing is get a service manual.Those plugs are for gearcase lube.
With the motor upright with a can under to catch old lube remove the bottom screw then the top.lube should be dark in color if milky (like coffee with cream there is water present and you may need to do seals after further investigation.Refill through the bottom hole with outboard gear lube fill until it comes out the top hole then put in top plug with new gasket followed by bottom plug.After running a couple of hours you can check the lube for more water.If water is present seals should be replaced.
If you don't know the history you should replace the impeller.(water pump).
over heating an outboard can send it to an early grave.