I have a dripless shaft seal, but it started leaking really bad over the last year or so, got it fixed mid season but I still had a water leak. 30 minutes into riding the auto bilge would turn on, and I always had a couple inches of water at the center T handle plug when pulling the boat out. So i decided I would wait til winter to spend some time on the water and find the leak. Well I went riding yesterday and while waiting at the dock for a friend to get there, I decided to look around for my leak. Engine at idle speed I could see water dripping down off the alternator. Within a minute I found that the clear 1/2" hose that exits the transmission and feeds the hot water into the exhaust was touching the alternator housing. I pulled that hose and there was a pencil sized hole in the hose. I cut 2" off the hose and reinstalled it. Then I loosened the bracket holding the metal tube/cylinder that the 1/2" hose attaches to, loosened the hose clamps, then twisted that cylinder so that the 1/2" tranny return hose no longer rested on the alternator. The heat and friction from the alternator put a giant hole in that hose, it is on the driver side, remove the engine divider and the alternator is down low on that side. The only clear 1/2" hose down there is the tranny return hose.
Long story, but It was a 15 minute fix and now my boat is as dry as a bone (except for when friends dip my bow
Hope this helps someone.