Might be OK
You may not, or even probably do not, have a problem. For sure you don't if you have a 5411 Diesel if, as you say, you're not overheating. That particular engine installation, and maybe others as well, use a bypass circuit as part of the raw water cooling system. The hot water from the engine re-circulates from the thermostat housing to a "T" fitting at the raw water intake thru-hull, pre-heating the intake water to help bring the engine to operating temp. Only when the engine is up to operating temperature does the thermostat let more than just a trickle flow through the exhaust. The colder the ambient water temperature, the longer this takes. At best it still spits and surges instead of a steady flow which is is dramatically different from most boats which continuously put out a strong stream of water. I always have well-meaning, fellow boaters hail me to tell me that I don't have water coming from my exhaust.Another side effect is that, with a small amount of water flowing through the exhaust, you tend to get steam coming out of the exhaust, so don't be alarmed at the "white smoke" once you've assured yourself that it quickly disapates and doesn't smell like burning oil.