2016 MFS40 Swivel Tube bushing replacement

While replacing the water pump on my 40, I noticed there is some play in the lower swivel tube, and also grease coming out. I am thinking its the lower bushing. I am assuming the powerhead will have to come off for this? Is this something that would be covered under warranty?

How much play? A few thousandths is normal; an eighth of an inch is way excessive. There is an o-ring below the lower bushing of the steering shaft, above the thrust plate, so if you wipe off some excess grease and it stays clean, you are likely OK. No, the power head does not need to come off; the lower mount bracket does. Have you checked/changed the anode at the bottom of the shaft? Once the anode is off, you can access the snap ring at the bottom of the shaft. That would let you see whether the o-ring is OK, and inspect the bushing for side play. If the bushing is indeed shot, and it is clear that it has been periodically lubricated, yes, that might be warranty. If so, I would see your local dealer for advice.