Re: OMC V-6 / 3.8 liter core/freeze plug
The fact that you found a 'freeze' plug in the bilge tells me that it was not properly winterized. The only thing to do at this point is to re-install one, run the engine and pray. Run it for a short period then stop and check the oil for any signs of moisture. They do not just fall out. It had to be pushed out. If you see any signs of moisture in the oil, drain it immediately then go looking for cracks in the heads or the block.
I had this happen to me once with a SBF. Inquiries at the time stated that just because I showed no sign of water, on the muffs, that the real test would come when I took the boat out and ran it up to temp, under normal operation.
Turns out I dodged the bullet. I had moved to a colder climate from So Cal and freezing was never even on my radar. The next winter, I 'drained' the blocks but never probed the drain holes. Needless to say the water was never fully drained and the next spring, the block was cracked. Good luck.