Transmission Slipping // Milky pink

A tranny flush is pretty cheap, so go for it.

The oil cooler can be tested with air pressure (15 psi max), hold under water & look for bubbles.

Follow the oil hoses coming from tranny, they lead to the cooler.

Did you determine where the bilge water leak was?

I would start with changing the fluid. Harbor Freight makes a cheap siphon pump to extract the fluid. You then need to refill to the mark. Hook up a cooling water hose to the engine and fire it up. Let it idle a couple minutes in neutral. Make sure that the prop shaft bearing under the boat is wet with water or dish soap and put it in forward gear for maybe 5 seconds of so and then into reverse the same. Do this several times (making sure the prop shaft stays wet). Then go back to neutral and let it idle a minute or so. Shut down and extract the fluid again. Repeat this several times to clean out all the milky fluid. Refill to proper level and lake test it. You may be lucky and have no internal damage done.
By shifting into forward and reverse will help get the fluid circulated thru the forward and reverse pistons. Assuming that this is not the first time out this year since winter storage then I would not be too concerned about the cooler being the source of water entry.
Good luck and feel free to PM me for exchange of phone numbers. I am only 35 minutes away in Morgantown.   Duane   .

Charlie, I had the same issue with my transmission slipping/failure a few years ago. Turned out that cooling water was leaking into the from the hydraulic/water cooling line into the bell housing. Once that was replaced, it worked fine.

Yeah you should expect to have to dig out both of those exhaust hoses and replace them ASAP.   When they start to leak they can blow out pretty quickly and then you have a 3 inch diameter hole in your boat and then you sink... it ruins the day.   Always remember TNTD (try not to die).