That outdrive has a inlet screen and it may be starting to clog up.
Lift the drive up and check the screens. Check with a mechanic to see
exactly where the screen and filter is located. If I remember
correctly, it's located very near the gear housing.

The screen isn't blocked -- already checked that -- water's getting up to the
block --- becuase I disconnected the coil; and pulled one of the houses off
(that lead to the power stearing fluid heat exchanger) and turned the engine
over -- water was tossed out pretty well...

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