Right under my step is a bilge pump for the sink and head sink. Also sr1. Is it a brass plug or what?

Yeah, mine is just a transom bilge drain (garboard?).

Thanks for the information.

The piece of wood is hiding the plug, but it's there.
Hope this helps.

I had a similar problem with my '89 311. Just happened to look underneath the engines while sitting at a dock right after a re-install and then I saw it. There was a tiny slow trickle of water down the inside of the transom. It was leaking around the thru-hull fitting for the trim indicator cable. Pulled the fitting back, let everything dry out, and re-sealed it.

I think some of the Formulas with transom moisture/rot probably resulted from this very problem.

Another thought ... do you launch with your drives up?

You might have a hole in the driveshaft or shifter bellows that gapes open in the up position and is closed in the down postition.

That's my worst fear, that something is leaking through the transom and making it rot out.
It's a crapshoot as to where the drives are, but usually they're down somewhere to at least the indicators. I could still have something like you describe though. I'm going to have to dunk it to know for sure...

That is crazy! Get 3-4 strippers down there on their hands and knees with small toothbrushes and blow dryers until the problem is taken care of! GGGGGeeeeeeeeeezzzzzzzzz you guys! Do it right! This is PERFORMANCE BOATING!!!

Formulas also have a problem with the screws that hold the windshield leaking. This will leak around the hull and fill the area under the step. It's an easy fix, pull the vinyl that fills the groove in the windshield frame. Pull each screw and silicone it, tighten back in and you're good to go.

Hey Ted! I've been meaning to ask you what the number is on those factory MPI manuals we talked about way back when. I'm getting closer to either converting, or dropping in a complete pair.
Before the guy hosed out the cabin, it stayed perfectly dry as far as I could tell (so far). And for the most part I keep it covered which should minimize the windshield leak.
Looks like I might tow down and watch Gino (Lubejobs) put in tomorrow. Will test the thread tape fix and see what else might be going on. I really hope that goes well!