creamy oil mixture in my Merc exhaust prop area?

[pisces two]

Hello all, just bought a 93 carburated 200 offshore and did all the routine maintenance, new thermostats, water pumps and popett valves. My TWO ISSUES are one there is creamy oil coming out of the prop. exhaust area. I this anything to do with the water pump seals or prop seals or is it of un burnt gas/2 cycle, only ran it at homr on trailer for a couple minutes and on the garden hose, also the new poppet valves are leaking at the weep holes some? Your help and advice is much appreciated!!!!