Hi, I am relatively new to the world of antique outboards but i can already tell that I am going to wind up joining the AOMCI and making a hobby out of it. I recently bought a 1948 Champion Blue Ribbon 2K Deluxe 4.2hp single in phenomenal shape from the original owners son for $50 with the original manual and parts list! I bought it to pair up with my 1953 Crestliner Commander 12′ aluminum boat. I was able to get the motor running within about a half hour and i have to say that even being 70 years old it runs like it just came off of the assembly line yesterday, I guess they really dont make them like they used to!! The problem that I am having is that before I tried to start it for the first time I changed the lower unit oil but when i popped the plug nothing came out as if it were bone dry, I pumped it full of mercury quicksilver lower unit oil and noticed that there was some bits of old grease that came out of the vent hole. When I test ran the motor in the tank I immediately noticed upon shutting the engine down that there was a heavy film of milky oil and water frothed up on top of the water in the 55 gallon drum. When I checked the lower unit it was bone dry again (not any water in the gear case luckily). So I refilled it with the SAE-90 Quicksilver gear oil again and this time a huge glob of old grease came out of the vent hole at the top. My question is, is it safe to just put marine assembly grease back into the lower unit like the previous owner did and just drain and re-grease it after every time i go out or do I need to completely rebuild the lower unit to avoid causing permanent damage? And is this motor one with the aluminum impeller or a rubber one? Also, if I need to rebuild the lower unit is there anybody here that makes seals and gaskets for them?? Any help or advice would be greatly appreciated.

P.S. I also have a basket case Chris Craft Challenger 5.5hp That i need lower unit seals for.