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| hiya
I'm betting it is nothing more than exhaust build up and water mixed... Extremely dark brown to almost black... If memory serves me correctly, there are a few places water can be expelled on that motor in addition to the outlet just below the engine cowling.
If you have a motor flusher, hook that up and see where water comes out... If water comes out of it, you you should be fine. Over time exhaust residue builds up on the midsection of the lower unit where water flows through it due to submersion and normal flow under operation. Nothing I would be too concerned about.
If you are using normal Johnson oil, you could try a synthetic for a while and see if that cuts down on the gunk... Non synthetic oils tend to not burn as cleanly, thus more smoke and residue... Something to try if you choose...
I wouldn't be too worried about it...
Steve
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