Hi Mark,
This is just my opinion. I have never worked on a BF40. Because of age and health, I haven't done this work for a few years now. But, much of it hasn't really changed for a long time.
So, others may have different
opInions and suggestions.
While this problem seems pretty straightforward at first, it's good to know a few things that might not seem readily apparent if you haven't done this work before.
Minor leaks:
First off is that, if there's water in the gear oil, it most likely came in when the outboard was at rest and the lower end was cool. Because, as the outboard is run, the gearcase heats up and pressure builds inside. A very minor leak might then be seen as oil escaping the case or an oil slick or sheen on the water or....no leak at all.
But, as the lower end cools, the pressure inside the case disappates and, if the temperature is low enough, a slight negative pressure or vacuum can develop that "pulls in" the water.
So, an outboard that doesn't seem to be leaking can still have water in the gear oil.
There are several points where water can enter....6 actually. The mainshaft, the shift shaft, the propshaft, the propshaft holder and the two case plugs. Water might also enter via a crack in the housing.
It's always been my practice to remove, drain and pressure test the gearcase to find the leak because there could be more than one but I don't really like disturbing a seal that isn't leaking unless the outboard is pretty old.....15 + years....since many will seal way beyond that time.
On the other hand, leaving a propshaft holder in place for years and years might result in it or the mounting bolts siezeing
So, it's definitely a judgment call as to how to alleviate something like that from happening.
The most frequent area of leakage in most outboards I've ever worked on is the propshaft seal or seals. The most likely reason for early or frequent propshaft seal failure is fishing line wrap. Monofiliment line is the #1 propshaft seal killer that I know of.
To simply answer your question, yes, in my opinion, it is absolutely worth the trouble to find the leak.
However, pinpointing leaks and, making sure the unit is completely sealed after repairs requires a bit more than simply applying some regulated air pressure.
For example, the propshaft and mainshaft should be turned during the test and the shift shaft should be exercised. This is especially important after any seal replacement.
I know many will say that pressure testing is "good enuff" but I also vacuum test after repairs.
I hope that you find this helpful.
Good luck.