Could be exhaust manifolds. At 8 years old, this is not too likely in a fresh water boat, but right on schedule with a salt or mixed use boat.
Clogged water passages (rusted) in an exhaust manifold can cause the rubber exhaust hoses to burn inside. This can happen even with normal engine temperatures... if one is more clogged than the other, then water will exit the engine more on the good side, and overheat the bad exhaust manifold. Have you checked temperature of the manifolds?
But then, burnt rubber smells a lot different than oil, and can hardly be described as a faint smell, so this is just one idea to look at.
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings