[Flukemeister1]

I have a 94 Ocean Pro and it runs like a top. The area where you describe the leak is probably where the thermostat is located and is more than likely a bad gasket. Any leakage and storage will in turn rust the outside of the plugs. After every trip I spray down the motor with C-56 which is a great anti- corrosive. I also use Sea Foam which will prevent the engine from smoking.
Without question the boat and motor should have a good survey and I am sure there are plenty of guys who know a good one in your area.
I change my thermostats every two seasons no matter how many hours I use the boat. If the thermostat is bad it can overheat the motor and can cause ALL kinds of really bad things to happen to the head or power pack. Make sure you get the survey.