Took the boat out for a nice run yesterday and when I pulled the plug, the water coming out was red, and no, it wasnt red for xmas. Assumed it was power steering related but that seemed to be about 75% full and there was maybe a pint or so that came out of the bilge. The left trans was very low on fluid and a little bit wet on the bottom. Its very difficult to see in there and underneath. Im thinking my best bet is to fill her back up and tie up by the ramp and see if I can isolate a leak, im hoping its something simple like the breather. Any direction or suggestions would be appreciated.

boat is an 82 Scarab II (800hrTT) 454 330 TRS Merctrans

If it never puked tranny fluid out of the vent before there is probably a problem with the tranny. It is creating excessive heat and building up pressure thus relieving the fluid out of the vent. I am pulling a tranny and rebuilding it this winter for the same problem.

check the cooler tube on side of trans.(square plate,4bolts,2hoses)if it leaks will blow water-oil mix into bilge.