my 70hp had major mixture issues and it was dumping gas and oil in the lower end.

it looked like a white greasy slop.

it was not lower end oil.

the gas evaporated ans the premix oil was left which mixed with the water to form this greasy slop.

it would be a very good idea to change the lower end oil just in case but i would bet its premix.

If you get it running right it will dissapear.