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Mark,
The gearbox on my Wight has an external oil cooler – a small heat exchanger in the engine cooling water intake line mounted on top of the gearbox. The oil lines from the gearbox to this oil cooler have been a source of leaks for me – oil stains should be visible if this is the case. Also possible is an internal leak in the cooler which would allow the oil to pass into the engine cooling water and eventually out the exhaust. If you continue to lose oil it might be worthwhile taking the oil cooler off and checking for leaks.
All the best,
Earnan
Alun,
On old boats there is often a white metal bearing integrated with the stuffing box supporting the shaft at the forward end of the stern tube. If you have 3mm of play in the inboard part of the shaft, this bearing is probably worn. This is also more likely to be the source of a grinding (metal on metal) noise – a worn cutlass bearing gives more of a rumble. The bearing surface can be replaced, but it is a job for a machine shop – especially if the shaft has also suffered. If the bearing is the problem, ir might be worth looking at replacing the whole stuffing box and bearing assembly with a more modern one.