I tested 4.3L OMC cobra 1997 after having rebuilt- by shop, but installed myself. In the water, I noticed what looked like oil near the outdrive area. Once trailered home, with the drive in the up position, I have noticed a milkey oil leaking from what looks to be the top cap area. I am quite sure it is misseated or the ring has failed. My question is, with a good bellows (drive shat) what are the other posibilities. I just want to be sure and cover all grounds hear as I've just had the upper rebuilt and as you know...not cheap.