If your not leaking into the bilge I would also suspect the cooler, a leak into the cooler would simply be flushed out into the lake through your exhaust, remove the cooler, cap one "water end" plug a trans line, place in a vice (very gently, just to hold upright) position vertically with the open water end on top, fill the cooler with water to the top, take an air hose & pressurize the oil side & watch for bubbles in the water. If bubble appear replace the cooler & I would go with a 9" cooler vs the 5"