Oil looks fine. I noticed the flappers inside the tips are gone, so my guess is the water came from that point.

make sure you check the riser gaskets it cost me $$$6k

Risers are coming off tonight and all will be replaced pending the findings are good. For a change it would be nice to get that call that says "Hey I've got good new's". But for some reason with boating that phrase never comes up! It will probably be the norm! Hope your sitting down!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Hi. I work for Mitsubishi and we make more starters than anybody. My best suggestion is to upgrade to a small body late model starter. If you get a staggered bolt mount from a late model Chevy truck, you'd be all set. The solenoids are tough as nails, heat has no effect, and they are permanent magnet so they only draw 1/2 the power and make twice torque than the old starters. They may not be "explosion" proof, but if you do not have any fuel leaks you should be OK. 350, 454, 502 all same. Even fit straight 6.

Just my $0.02 on starters.

This really is the way to go but I have found that some actually need to be filed down (as opposed to shimming) in order to engage the flywheel with the correct clearance. After I did that it lasted longer than the engine

Roby

I just went through this whole starter escapade the past two weeks. Started out with the new style "Mini High Torque" design with really bad results. The supplied bolts were bottoming out in the engine block holes. Didn't really notice it as the starter was sitting flat against the block mounting pad when installed. First time you hit the key and the gears engage, the starter drove itself down on to the bolt knurls. This in turn created a poor gear mesh and took out the ring gear. This was discovered when I installed a new ring gear. We did some analytical troubleshooting to figure out what was going on. There were no instructions with the mini starter I purchased.
Not wanting to go through the same crap again I started to do my research on a better starter design. I looked at Tiltons, CVR and Powermaster. These are used in high compression engines and have a much better construction as compared the mini high torque crap with the staggered bolt pattern. The Tilton, CVR and Powermaster racing starters have a straight bolt mounting. Much stronger as it creates a more solid mount closer to the flywheel.
I went with a CVR PowerTorque (1.9 hp and 260 ft/lbs torque with a 4.4:1 gear reduction).
The racing starters come with instructions as how to install with shims (if needed) to create the correct amount of gear lash (clearance) when the teeth are engaged. You have to remove your engine to due this so out came the engine one more time. Turns out I had to put in .045" of shim to get the .040"-.050" of clearance that was recommended by the manufacturer. I measured this with a wire gauge.
I called CVR to confirm the installation procedure they sent me. Well worth my time.
The best thing about the CVR starters are that they rotate 360 degrees. This was a great feature with my setup.

"They may not be "explosion" proof, but if you do not have any fuel leaks you should be OK. 350, 454, 502 all same. Even fit straight 6.
Just my $0.02 on starters."

One more thing.
Go with a Marine SAE J1171 approved starter.
That's my $822.00 on marine starters

CVR is an anodized Denso starter. Tilton uses Hitachi. These companies just make their own aluminum nose cones. The OEM's make the key parts (motor and solenoid). The Denso's (CVR's) are sealed with O-rings, which make them pretty nice. The staggered mount bolt pattern is used for larger diameter flywheels and the inline bolt pattern used for smaller diameter flywheels. The staggered is actually a stronger mount, as it supports the overhanging weight of the starter motor better than two inline bolts further away. The CVR should be an excellent unit, as mentioned. Lightweight, powerful, and draws low current. No heat soaking. Nice.

Clint

Clint,
Thanks for the in depth information on starters.
I am curious as to why all the "real" high torque starters use the straight across bolt pattern. Not challenging your knowledge but the tech guy from PowerMaster said that the staggered bolt mount was GM's "blackeye" when it came to starter design.
Russ

Hi thanks. It takes a lot less aluminum to make the mounting holes inline. If they are staggered, they need a large square pad of aluminum to drill the holes staggered. If they do two sets of inline holes, it will mount correctly to small and large flywheel diameters. Have fun!

Clint