Thanks for the replies guys.
As for the water leak... I took some advise here and started to look at the dripless seal while in motion and was not able to see any leaking there. It appears that the problem is the rudder seal or assembly. I can see a steady drip coming from it just while sitting at the dock. I will be looking at having this repaired and see if the problem goes away. I will report how that goes in the next few weeks once the repair is made.
As for the check engine... Same thing, we have a service scheduled at the end of the month so we'll see what tripped it. I agree with Ptownkid on this too, sensors can be very helpful, but still very annoying.
We had another warning go off on Sunday that was much more alarming. It was a 'Low Oil Pressure Threshold' warning. We shut her down and took it back to the dock. After checking the oil I found it dangerously low. I learned something from all this too. I did check the oil, but never wiped the stick and resinserted when I checked it. Just did not have a rag handy... Oil was far enough up the stick I figured that we were good. Wrong! Once I wiped it we were way low. I will ALWAYS wipe the stick when checking fluids now. I was also under the assumption from the seller that this stuff was in order. He talked a real big game and I made the wrong choice of just trusting him. Fortunately all is well and there are no ill effects, at least at this point. I went to the boat yesterday and checked the V-Drive & Trans fluids and found both to be at the low acceptable level on the stick. Not where I like to keep them. At this point, for my own peace of mind, I hauled my extractor down to the dock and changed the oil, filter, trans & v-drive fluids. All clean and topped off and we'll be on a much more diligent maintenance schedule from here on out.
Thank you all for your thoughts on these issues, I will let you guys know what tripped the check engine as well as the what was up with the rudder seal.
2007 Supra Launch 22SSV
(2) Wetsounds Rev 10's, (6) XS-650, (1) Syn 6, (1) Syn 4, (1) Kicker 10" Sub, WS-420SQ Full RGB LED on Wetsounds
(2) SeaBlaze 3 Blue Transom Lights
Supra Surf swim platform
NauticLogic GPS Speedwheel/Perfect Pass Interface
Wakemakers Ballast Upgrade, 3 Pump Fill, 3 Pump Drain