Yeah, cam seals. Read this:
http://www.sterndrives.com/470information/470coolantleakrepair.html But you do NOT need a lot of special tools, a harmonic balancer puller from autozone (borrow for free) will do, but you will need to make a spacer to install the rotor because it is quite deep, or you could use a 1/2 inch fine thread rod and a stack of washers and a nut. You should not have to mess with the motor mount. If you mess up the pan gasket you can just cut a new piece out of gasket material. Lots of guys here have done this, do a search for "speedi" yeah I know that is not logical, but will get you to the right threads. Lots of guys here to help. Good luck.