Is leaking exhaust cover gasket a big deal?

[88HP]

I have a 1988 88Hp SPL. I got it out of storage and by some small miracle it started right up and seems to idle fine. I noticed while running it in a tank that that exhaust gasket is leaking at the bottom and blowing bubbles in the water that pools up a little in the lower engine cover. Two questions: Is a leaking exhaust cover gasket something that needs to be fixed immediately? Is the small amount of water that pools in the lower cover from the leaking exhaust gasket, or should I look elsewhere?. Thanks for your help.

 

[F_R]

Re: Is leaking exhaust cover gasket a big deal?

If it is leaking outside, chances are that it is leaking inside also. The outside leak may not be serious but the inside leak can be catastrophic if it is squirting water into the exhasut ports. If it were mine, I wouldn't be taking a chance on it.