When you run it with muffs do you see any oil leaks? Is your gear oil clean? at the proper fill mark? When is the last time it's been changed? If your outboard is running hot, you may want to check your level, and most likely change it out. Check for any shavings while you do it.
It's doubtful the bubbles are coming from your internals, it's most likely the exhaust escaping from around the anode. While rising to the surface I can see how it would heat up the casing at slow speeds.
Are you positive this wasn't happening before this? Or is it that you just now noticed?
When you run it with muffs on do you have the outboard tilted down? Or is it still in the raised position? If it's up, you will get more water out of the anode instead of from the prop.
The anode is pretty much a through hole into the exhaust in the outboard. It's not sealed, so water and exhaust gases will escape from it.