Yes, those old motors were messy.
Another thing to check. Just check.
Drain the oil out of the lower unit, looking for water.
There's a seal on the shaft just above the drive gears. IF that's leaking you get Oil pushed up into the shaft area, and water in the gear box.
If you don't get any water, JMichael has the right answer.
PS: Arch environment activists hate those old two-hose OMC's for that very reason.
I loved our old 55 Johnson 10 Hp. Such a nicely mannered, quiet little motor.
Lost it in Puget sound when it came off the transom while we were running for home.