It's normal for the lube to expand when running the boat. The cap of the reservior is suppose to vent to let air out as this happens. I have heard of these failing and result is a build up of pressure until it blows its top and lube ends up in the bilge as you described.
Replace the cap.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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