Hey Kevin
More than likely the gear on the crank shaft is bad. You will be able to see it better when the front half comes off.
Had one go on a 1987 mariner 175. Just had launched, horn sounded, shut off, restarted still had oil smoke, shut it off , trolling motor back to trailer. Pump had seazed, took the plastic crank drive gear. The bad part was a piece of the plastic gear got between the piston rings on that cylinder and scoured the plating. Sleeved that hole. Put a new gear on,mixed oil/gas and when I sold the boat/motor I put a new oil pump on.
Look on the bright side, TIME TO MODIFY, lets see
top pin the pistons
port the cylinders
shave the heads
hog out the exaust chest
ect, ect
Or wait until I win the Purple raffel boat and I'll sell you the motor off it.
The Mariner/ boat was a 18.4 Champion, gun metal hull/alpha jewels, arrow and top cap were purple with crimsion red pins. Known as the purple boat, although it only had the arrow purple. Now have a 19 same colors with a sort of stock Johnson and a XB2003 with a very unstock johnson. But its like the newspaper, black and white and red all over.
Gary