I've just reviewed the parts diagram for my Tohatsu M60C. When I've replaced the impeller (every two years), and the gear oil annually there was a little emulsification. Nothing to worry about unecessarily, but more of a niggle as there's water ingress somewhere.
I've replaced the fibre drain and fill plug washers last year so I know they are good. Just ordered parts, including waterpump gaskets, and importantly the 'o' rings on the dog clutch and the 'o' ring under the water pump to the driveshaft bearing.
Not even looking at the prop shaft seals, as that's a different ball game to access.
Is that with or without VAT?