I am in the process of installing a genset in my Morgan OI. The engine room is below the center cockpit and is a fair distance from the transom. The generator is 7.5kw and is coupled to a 2 cyl diesel. I am trying to decide how to run the wet exhaust. It would be a lot simpler to exhaust below the waterline via a seacock. Does anyone know the draw-backs of such an arrangement? How much more fuel would be burned fighting water pressure? Would I need a muffler if exhausting below the waterline? It would be a hassle running stiff exhaust hose and cutting through a number of bulkheads. Side-exiting the exhaust can't be done in the vacinity of the engine room because of a 120 gal fuel tank, a head, and a very cramped locker that is filled with a holding tank and a heatpump. Please help keep me from folly.