My 1975 Mercruiser 888 (Ford 302 block) which was rebuilt in the early 90's and only has 500 hours on it recently started smoking, but only after a short fast run, slow speeds or idle does not result in any smoke. Appears to be coming from the outside edges of the valve covers or below that. It's sort of a rubbery smell. Last season the engine coupler was replaced. I replace the oil and filter every season (about 45 hours) and right now the oil is at the proper level and is very clean. Occasionally hear a clicking or tapping sound but not always.Any ideas what this might be?