I was out on the lake this weekend and my 1989 40hp Merc tiller was
running rougher than a ever, lots of smoke and oil film on the water.
It was a no wake lake, so not a lot of RPM's through the day. Upon
taking the boat out of the water I noticed a frothy (brownish) oil and
water mixture leaking out of the exhaust ports and the water ports.
Any ideas?

Thanks much,
The Fishing Musician