1991 OMC Cobra leak in bilge area

I have a 1991 OMC Cobra with a 4.3 engine. The boat has developed a slight leak in the bilge area which leaks about a gallon every hour or so. I replaced the bellows in the outdrive and didn't notice any holes in the bellows that would cause the leak. Upon inspecting the leak further, I found a steady stream of water leaking in from where the exhaust bolts to the gimbal housing. I cant see exactly where its coming from, but its in that general vicinity. My question is: could this possibly be the seal between the exhaust Y-pipe and the gimbal housing? Or is it possible the seal around the gimbal housing to the transom has gone bad? Is it common for either of these seals to go bad? I really don't want to pull the motor, but if that's what I have to do, then so be it. Thanks for any help.

Ayuh,.... Welcome Aboard,..... Odds are the transom is rotten, 'n the water comes in through the transom seal,....

Y-pipes leak, but not often,...

Gah.... That's what I didn't want to hear. I found a mushroom growing on the top of the Y-pipe about a week ago. So transom rot came to mind. I'm still a bit optimistic, however. I have a hard time believing it could be transom rot because the boat is in mint condition. That's why I bought it. I bought it last year with only 93 hours on the original motor. It's been barely used and runs like a top. Hmmmm.... I'm not spending the money to put a new transom in it, that's for sure.