Fresh or salt water? Salt water is probably a corroded manifold & riser.
The manifold with the removable top portion went away with early 1970 160 hp models. All 165 models had the 1 piece manifold.(assuming some DIYer didn't retrofit an earlier manifilold).
You replaced the water pump...
Your question lacks any detail. 1960s, 1980s, 2000s vintage?
Mercruiser Model 0, #1, #2, #3, TR, TRS, Alpha, Bravo?
If you are familiar, by looking at it (although the R/MR/Alpha gen 1 can deceive).
Serial number?
Regarding low oil alarm, apparently the oil quantity was lower than I was lead to believe (I never checked for myself) thus setting off alarm.
Topped off tank & all alarms silenced. But why was it constant with engine off? IDK
Factory manual does not say.
BUT....
It does say to test vacuum...
So follow-up/resolution:
Replaced VRO & vapor pump. Oil useage & smoke decreased but still get high vacuum alarm & surging at higher RPM.
Since replacing VRO requires running off premix during alarm testing, purging oil lines & verifying oil pump funtion I was running off a 6 gallon tank thus...
Actually, fast start is activated when key is in crank position regardless of engine temp AND also when ever engine temp is below I think 105 degrees.
So even a warm engine will get the timing bump during start up.
I put S/N in search & got conventional, digital & Delco EST choices.
The conventional is this oddball Prestolite system. Here is the picture, looks like ghosts Ebay link.