It sounds like you got a LOT of water in the engine, so I don't suspect that it's from the exhaust manifolds.
The exhaust manifold problem is likely to show as a hydrolock, which is water in a cylinder after shutdown, which prevents the starter from being able to turn the engine.
You stated you had a loss of power while the engine was running, and oil/milkshake came out the top of the engine. That much water must have come from a cracked block or bad head gasket. As you said, it was fine all summer, so let's hope that it is the head gasket. What is your winterizing procedure...your not sucking up antifreeze from a bucket/tank are you?
It would not be hard for you to take off the manifolds (intake and exhaust), valve covers, then remove the heads before turning it over to your mechanic. You could clean up all the gasket surfaces, but take pictures of them first. If you want to take it farther than that, then you definitely would want to get a shop manual.
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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