140 OMC water leaks from bottom of bell housing

[rhartSilverdale]

Hello,<br /><br />I have a 1985 OMC 140 (3.0L inline 4, non-cobra) I/O in a 19' Bayliner Cuddy. The boat and motor have been sitting idle for about the last 4 years. It has altogether less than 150 hours since new (I'm the original owner). It has a raw water cooling system. When I finally brought it out of mothball, I'd tuned it up, and she runs like a top, except now there's a steady stream of water that runs out of the little hole on the bottom-most center of the bell housing cover plate into the bilge. There's no oil in the crank case, nor in the gear case. Also, I've checked to see if there were any leaks from the manifold, hoses, freeze plugs, or the manifold rubber coupling to the bell housing/gear case, but everything above the bottom half of the bell housing is dry. Is there a freeze plug at the end of the block hidden under the bell housing. I'm hoping that there isn't a crack in the block, or the bell housing unit. Will appreciate any info.<br /><br />Thanks.