Re: evinrude 5hp angler water discharge
The Angler was built in the mid-late 1960s as an amalgamation of the 4hp and 6hp models. It had the 6hp powerhead (detuned slightly with tighter reed stops) on the direct drive 3/4hp lower (more or less).
To answer the question, no the exhaust relief holes do not need to be submerged, and really shouldn't be. Water level should be a couple inches above the bulge where the exhaust housing meets the gearcase housing as the pump is not self-priming. Most of the water and exhaust go out the outlet above the propeller, but some will exit the relief holes as a fine mist...