Re: Tohatsu lower unit oil leak
First a little netiquette... You are replying to a 2-1/2 year old post about a different model motor. Probably better to create a new thread. That aside...
You are seeing fluid coming out of a drain hole. the hole is there to allow sea water to drain out, so it doesn't stay inside and corrode/freeze. The fluid could be either gear oil, or it could be unburned fuel/oil residue. Is it nearly clear, or is it nearly black? If the latter, probably just fuel residue. If the former, you should consider re-sealing the LU. The shift rod bushing o-rings are often overlooked, and will eventually (after 22 years) weep. You could also need a driveshaft seal. On a motor of that vintage, I would probably change all the LU seals for insurance, as long as the prop shaft housing isn't corroded in place -- if it is, then it would be best to leave sleeping dogs lie for now, as you can damage the prop shaft housing by attempting to remove it.
The only way to know for sure is to pressure test the LU and see which seal(s) are leaking. When you drain the LU lube, does it come out clear or milky? If the latter, you have water inside, and do need to replace some seals.
Grab a factory service manual, available from any dealer, and that will explain how to drop the LU. Get a new set of seals (or at least the driveshaft and shift rod items), and you're ready to go.