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I got grayish colored oil coming from the trim tab/prop any ideas??

if no water in gear oil,you have a leaking seal or gasket somewhere mixing water with oil in gas.or your gas tank has water in it.I couldnt tell you which one but mabe someone else can.Post this again and someone else will answer also!!
 
Pretty normal for a 2 stroke to " leak that stuff " --------especially on a hose in the driveway or after long periods of trolling.------------So it is VERY NORMAL for that stuff to leak / show at the prop.------------Don't believe me then have the lower unit pressure tested to see if there are leaks.
 
Totally agree - to me "that stuff" looks like McDonalds chocolate milkshake spilled on the sidewalk. When water in the exhaust housing mixes with burnt/unburnt oil/gas, also in the housing, that "goop" slides down and goes out the prop (on a thru-hub exhaust).

You normally don't see it because 1) it ends up in the lake or 2) drips on the road during the drive home with the boat on the trailer.

Gear oil is usually either honey coloured (or green in some cases) - seeing that is a bad thing. Burnt smelling black through kinda grayish crud is fine..
 
You have to stop buying your 2 cycle oil from Walmart. Use Johnson/Evinrude oil only and it will run cleaner. De-carbon your engine with sea foam to clean it up.
 
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