"I am new to this board but a
"I am new to this board but a long time 440 owner and A&P mechanic. It can be tough to locate water leak, the only way it can come from the manifolds is to run down a valve port and past the rings, more likely is leaking head gasket or timing chain cover, compression test may not find problem as the water can get from a water passage to an oil passage. In a car engine we would pull the pan and pressurize the cooling system and watch for leaks but that isn't an option in a boat.I would pull the heads and replace the gaskets, that way you can look at the manifolds as you take it apart, these engines are simple to work on.
Dan"