Ok, I replaced the oil cooler for $235 and added oil and ran it for about an hour like Chris V recommended. No leaks but it was still running rough. Checked the oil and still appeared a little milky but not as bad as before. Pulled the plugs and found water on the plug in cylinder number 4. Did a compression check and had 170 psi in cylinders 2 & 3 and 180 psi in 1 & 4. The compression seems okay although I am surprised that it’s that high in # 4. I’m thinking bad head gasket but is there anything else it might be? Cracked head? I’m putting it into the shop,(Websters Marine in Bluffton) as soon as I get some extra jingle in my pocket.
Hope that there are no more surprises with the motor, it’s been a great motor up until now. It’s been used in shallow salt water all it’s life so I can’t complain. Good performance and good gas mileage.