Eric,
I also have an '86 and last fall I put out that the mechanic stated time for a new muffler. I just had the job done, with new heat riser, all new hoses. Catalina Direct has the replacement. I got the new style, round, much larger than original. I was told that when I start the engine in a month or so, it's going to take a while to fill and finally discharge water, the new muffler is over 4 gallons. 10 years ago, I might have done this myself, but as I'm in my 70's, time to let the youngsters take over. Also a good thing that I had a professional look the boat over, needed a new cutlass brg. and T-G he noticed that the bellows on my dripless packing gland had disintegrated. I might not have noticed until my boat sunk. My advice, get a new muffler.
Jeff