Exhaust elbows do not exist on M25 engines on these and other Catalinas. They are different than Yanmars. The exhaust system consists of an exhaust RISER which is a 1 1/2" or 1 5/8" insulated pipe that connects to the rear of the engine manifold to carry the hot exhaust gas to the water lift muffler. The now hot exhaust raw water from the HX is introduced into this pipe close to the muffler, and then they are pumped overboard.
Filters:
Doesn't matter when you changed them, check them again. I'd take the primary off first and see what it looks like. You could just as well have changed it yesterday --- check it again.
You could have bad fuel in the tank. Have you ever had your tank cleaned?
You could also still have the fuel pickup screen still at the end of the pickup hose inside the tank. Your profile doesn't indicate the year of your boat, but I'm figuring early to mid 80s.
This topic includes a lot of M25 engine information, please read it all (Critical Upgrades):
http://c34.org/bbs/index.php/topic,5078.0.html
Our C34 Tech wiki has a great deal of M25 series engine information as well:
http://www.c34.org/wiki/index.php?title=Diesel_Engine
I believe you could have a nasty fuel problem. Don't waste $$ on fuel "polishing" -- it's snake oil. Remove the fuel from your tank and check it out. You can use a 5 gallon yellow jerry jug and disconnect your engine electric fuel pump and pump it into the jerry jugs to see what it's like.
As Critical Upgrades suggests, it could well be the screen on your pickup tube.
Or you could still have your fuel pump BEFORE the primary filter. Take the bottom of it off and clean the filter on it.
In order:
1 - check the pump filter and replumb the primary/pump
2 - check the primary filter
3 - if it's clean, check the pickup tube to see if the dumb screen is still there, if so, pull it out
4 - bleed then start the engine
5 - if it doesn't work, come back here
Good luck, let me know what happens next and we'll continue to try to help.