I have a 1975 Mercury 50 hp serial number 4286394. Now that it is spring I got my boat out for the first time this year and everything went great. The motor ran really well and only smoked a little bit, but I was on a no wake lake so I couldn't open it up at all to possibly clear it out. I noticed when I got back that there was a milk shake colored fluid coming in between the prop and lower unit. I am mechanic and know that, that usually isn't good, but I am new to this whole boating and outboard motor thing. I removed the lower unit thinking that it was probably a seal in the lower unit seeping gear oil out. What I found was that the exhaust section from the power head to the lower unit was caked with this very thick milk shake type fluid. My first thought was that the fuel mixture had to much oil in it and it just built up in there. I have read a lot of forum posts and you guys sound like you really know what your talking about. Just wondered if anyone has seen this or knows whats going on and could point me in the right direction. Thanks for your time.