I have a 2002, 2.5L EFI, 200 HP outboard. I recently replaced the high pressure fuel pump and found the fuel pressure regulator to be very fouled. Cleaned that up and fuel pressure is good. Engine seems to idle fine but has a lot of blue smoke. Now it seems as though I have too much oil going into the VST. I drained some fuel out and it seems like it has a lot of oil in it, very green fuel mix. I have also noticed the entire engine seems to be covered with a fine layer of oily dirt, like soot. I've had the motor for 10 years and have never seen it so dirty. Motor has run like a champ until now.

I am not sure if I have two unrelated problems or not but I am also getting low oil alarm, four beeps every two minutes but yet the engine tank is full. I haven't had the opportunity to check the sensor or float. I also checked the fuel/water separator and all good there too - no water.

Any help or direction is much appreciated.