engine purging fuel into water..also white substance on startup

Just bought a 1999 ski Supra with a Indmar 8 cylinder fuel injected engine. Runs great, sounds great doesnt miss but expels a large amount of fuel into the water unburned. There is also a milky white substance being discharged that looks like it may be oil most noticeable on startup after which it settles down but will reappear if I rev the engine up in neutral. I checked the plugs and they looked perfect but changed them anyways hoping....but no difference. Have run fuel injector cleaner thru it but no change. It burns way to much fuel...so much you can smell it in the water.
The oil pressure gauge is reading high up to 80 psi but I suspect that may be a sender issue...however maybe not?
Boat starts immediately and runs great in all phases top speed 42 mph.
I still havnt done a compression check but thats next. The boat has 180 hours on it and has had proper winterization over the years.

Any ideas would be greatly appreciated. I cant find a thing about similar issues anywhere on the net!

Thanks for any response.

The milky white substance sounds like water mixing with oil in the engine....not good. Have you checked the oil level on the dipstick?

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Originally Posted by Supra_Comp

The milky white substance sounds like water mixing with oil in the engine....not good. Have you checked the oil level on the dipstick?

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Yes I did and the oil is clean and the level seems to be holding

How old is the fuel

Welcome to Supra Forums!

Milky white water from the exhaust sounds like it could be a pinhole in the transmission cooler. I'd check your transmission fluid to see if it looks like a milkshake. Even if it looks ok, I think I'd still have the cooler pressure tested.

Sorry, I'm not much help on your EFI issues. As far as I'm concerned, progress stopped with the Holley 4160 and electronic distributors. If anything, I would check the wiring to the engine coolant temp sensor and the sensor itself. If the computer always thinks the motor is cold, it will run the engine rich for warmup all the time causing a gas slick and poor fuel consumption. NOTE: The EFI should have its own Engine Coolant temp sensor separate from the one that controls the gauge on the dash.

Thanks much for the suggestions. It is 1 year old fuel but stabilized and no problem in my Sea Ray sport 180
I will check the trans cooler out and the temp sensors..Who would have thought of that...Great advice.
fantastic place this!

I've always thought my boat and others smell like they're running rich but chalked it up to that other than some of the more recent ones ('08+ maybe?) they don't have catalytic converters.

Drain the tank and put fresh fuel in it. Old fuel will not burn completely leaving a whitish residue. I would not trust the previous owner. Iwould also change the fuel filter as well. Unless you find another source. Gas is cheap