V-Drive Leaking Oil

I have a 04 SAN with about 400 hours and I noticed the red light on the dash not shutting off when accelerating. I checked the oil level in the V-Drive and none on the stick, added about a 1/3 to 1/2 quart and back to normal. Now I am frequently checking the level and I need to add about 1/4 quart every 8-10 hours. When I take off, it smells like burning oil for a minute, then the smell is gone. Nothing seems to be overheating and I can not see any visible leaks, the hoses, fittings and areas I can easily reach seem to be dry and oil free. The bilge has some oil film residue so it is leaking into the bilge, just not easy to locate the leak. Any thoughts on ways to find the leak? I am wondering if the output shaft seal may be leaking, just hard to check it. It also seems strange to be able to smell the oil issue.

Thanks for your input.

The gasket on the bottom "pan" of the Walters unit on pre-06 SANs is pretty notorious. It isn't too difficult to replace with a better gasket. Definitely worth a look. If you can wipe the bilge out below the v-drive and put a paper towel under there and leave it overnight, oil on the towel will tell you for sure.

Good thread on PN on the subject here -- http://planetnautique.com/index.php?name=PNphpBB2&file=viewtopic&t=7038&high light=vdrive+leak

Did your bud ever install that RVC on his GT-40 SAN?

My 01 has the same problem. Waiting till this winter to replace it.

My Malibu had the same problem but it was under warranty at the time.

Rub your hand across the bottom of the v-drive and it will come up nasty.

My 05 Nautique V-drive leak has been fixed twice by the dealer. They said they missed a spot the first time, seems good after about 20 hours since the last fix.

Consider yourself lucky it has lasted until now.

OK, Thanks for the comments, guess its time to get dirty and take the pan off. Oh well, its some time, but doesn't sound like too big of project.