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[Funky cat]

Hello everyone, my name is Mike owner of a 1975 Catalina 30 aka funky cat.
I've owned the boat for 3 years and I am. Just now getting used to understanding the boat and its A4 engine. I love the boat a solid well taken care of boat with with lots of custom features. And its A4. I love its simplicity, growing up with working on old cars with points plugs and condensors. Except I've Had to change the oil every summer Now because of milky oil. Obviously water entering. The previous owner told me to make sure cooling water intake thru hull is closed before sailing on a starboard tack because water can siphon back into engine if #4 exhaust valve is open? But after an eight hour motor without wind I've had to change the oil again. Whats up? Also does anyone. Know if the reverseing band can be replaced with the motor in the boat?. Thanks any feedback on these issues would be appreciated