Water flowing from inside transom plate!?!

[escortwagon]

Hi, I was working on the boat yesterday, and noticed something odd. Any ideas of where this water is coming from would help me out a lot!
There was a stream of water flowing out next to the water outlet from the outdrive.
It only flowed for about 1-2 minutes then stopped, and only started when I fired the engine up. It had some pressure behind it at first, then slowed down to a trickle, then stopped.
This is on a 1985 305V8/Alpha 1 Gen 1.
The picture below is looking at the transom plate on the inside of the transom.
And here's a link to a video:

 

[Bondo]

Ayuh,..... Welcome Aboard,...... Is this with the boat in the water, or on the wagon, with muffs,..??..??

 

[escortwagon]

The boat is in the water, the boat is new to me this year, and I usually don't start it with the cover open, so I have no idea if this is new or been doing this for a while.
Thanks!

 

[Bondo]

The boat is in the water, the boat is new to me this year, and I usually don't start it with the cover open, so I have no idea if this is new or been doing this for a while.
Thanks!

Ayuh,..... There's a bellows drain in that area, so my guess is the bellows are holed,....

 

[escortwagon]

Thanks! I think you're right, and that would explain all the grease.
Searching for "bellows drain" found me the video below, exactly my problems, just less grease...

Looks like the boat is coming out of the water now, ASAP.