Timbo welcome aboard.
That's a rather big leak, if not in the bilge then it must be leaking thru a drive seal. I would be concerned that if lube is leaking out water is coming in, this needs to be addressed ASAP.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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