Bob, get some t stats in there and get those engine temps up. I'll be helping a buddythis weekend that has the same setup as you. I'll pick his brain.

Sorry If I kinda Hyjacked this thread...but the more heads we get together the better.

I had an engine with a small amount of water migrating up a few head studs that were not properly sealed .

Do you by any chance have intercoolers? The symptom you are describing with water in the oil can also be caused by small leaks in an intercooler. After the boat is turned off, water can drip down into an open intake valve and seep past the rings into the oil. This can cause an unusual amount of milky oil in the valve covers. If the leak progresses, it can cause a hydrolock and break stuff. If you do have intercoolers you definatly want to do a leak test before you analyse much more.

Im having the same issue. No chiller lots of condensation on the blower and intake. water temp max has been 140* I dont have a oil temp yet but will. Noticed a oil color change to a tan not frothy just color. could the color be from the condensation or something else? was wondering if you solved you issue.