I have 2006 mercruiser 260 mpi with alpha drive. Alarm will beep twice every 2 to 3 minutes.Check gear lube reservoir and is full. Disconnected and still beeps.
IF the gear lube was a problem you would have a constant alarm.
There are 21 different things that will give the alarm you have.
Go up to the adults only sticky at the top of this forum, and locate the manual links. Download manual #36 and go to page 1A-25 and look at the charts.