UPDATE:
When we arrived in Lagos, Portugal I invited yet another Yanmar mechanic aboard for a consult and another oil analysis in a local lab, results of which aren't back yet.
Since the last oil change I've stopped using the Gori overdrive and have been tracking the coolant level religiously.....in 50 hrs we're down only 1-2mm in the overflow bottle. The mechanic says that's not unusual.
Conclusion: it's not a coolant leak.
If it isn't coolant, it's got to be seawater. There are three sources of seawater: the oil cooler, the air cooler and the exhaust system. We tested the oil cooler and it's good. That leaves two possibilities.
The mechanic in Lagos took a hard look at the exhaust system and he thinks the problem may lie there. I have since done an analysis of the volumes of the hose runs and the muffler and have reached the conclusion that he's probably spot on.
When the new engine was installed it required that we increase the size of the exhaust lines from 2.5 to 3 inch hoses. The larger hose was stiffer and required installation of hard fiberglass elbows in a couple of places where the turns were tight. With those exceptions, the general layout of the old exhaust system was followed in terms of the hose runs.
Exiting the exhaust elbow we now have a 90 deg elbow and then 20" of hose to the water lift muffler (side in, top out). We have a 28" vertical rise coming out of the muffler to a 90 deg elbow and then a 5+ ft horizontal run aft to the steering compartment where the hose loops up to the top of the space and then drops to the exhaust port on the transom. In all, there is probably 9-10 feet of hose between the top of the muffler and the highest point in the exhaust hose run plus the ~ 2 feet between the exhaust elbow and the muffler.
The new engine was actually smaller than the old one (despite the ~2x HP) and so the height differential between the exhaust manifold and the muffler has decreased by a few inches, and due to the new 3" very stiff hose we need for a 90 deg. elbow immediately below the exhaust elbow -- all of which means that the angle of the hose running to the muffler is much shallower than with the old engine. My estimate is that it's a 8-10" drop from the exhaust manifold to where the hose enters the muffler, and that the hose is 10-15 deg off horizontal.
Less height differential + shallower angle = higher potential that we end up with seawater in the hose between the muffler and the engine IF the muffler fills with water when the engine shuts down.
Enter the new 3" hose -- larger diameter = greater volume of water in the hose and greater chance that the muffler has more water in when the engine shuts down.
Based on the calculations I've done of the volume of the hoses and the volume of the muffler, and using assumptions for the gas to water ratio in the hoses provided by Centek and Vetus tech support (Estimates range between 25 and 50%)....I've come to the conclusion that the muffler is overfilling (it should be no more than 1/2 full after shut down according to the tech guys).
Over filling the muffler puts standing water in the hose between the engine and the muffler when the engine is shut down. Now put the boat in a big following sea like we had crossing he Atlantic last summer and you now have water sloshing about in the pipe between engine and muffler with the potential for a few sloshes pushing small quantities of water up to the top of the exhaust elbow and into the exhaust manifold and from there a few drops get into the cylinders with open exhaust valves. It doesn't take a much water to register ppm of salts the oil. It's certainly not enough water to interfere with the starting of the engine. And, of course, once the engine starts the few droplets of salt water are immediately evaporated within the cylinder and hence no sign of foreign liquid in the oil.
So, the current hypothesis is the salts are from seawater entering the engine through the exhaust due to overfilling of the muffler, caused to long hose runs and larger hose.
With the approach of the fall season I need to move the boat further south and so we will not have time to address a redesign of the exhaust system before moving on from Portugal. We're moving on to Morocco next week (only 200 miles) where tech support and suitable parts are probably in short supply. We have some down time in Morocco and , my interim solution will be to install a small ball valve in lower part of the muffler which will enable me to drain the muffler into the bilge after shutting down the engine when at sea. I'm also going to install a flapper on the exhaust as a preventive measure until we sort the entire system out.
We will run with these two changes to the system and continue to change the oil every 50 hours until we can be sure that we've found the problem. My guess is that draining the muffler following every engine shut down will solve the problem....but that remains to be seen.
Stay tuned.