Answer seeker here

[JoshJHTX]

Just rebuilt my 2000 220 had it running last Tuesday and Wednesday after very slow progress of two years, had all plastics on, brakes topped off and ready to ride…. So I thought. After Tuesday and Wednesday of starting and warming up she was pluming smoke almost like it was too rich but no splooge and running 32:1, I also noticed through the sight glass my transmission oil had turned gray, so coolant in the mix somewhere. Just today I broke down clutch side and removed the basket. Bottom of the case was very little but thick dark gray sludge, ran my finger through it and felt some metal shavings. What do I look for on/around my water pump to correct this leak

Tl;Dr: clutch side case holding gray sludge and slight metal shavings also coolant in trans. Wat do?

[Kawibunga]

Boy that's a tough one, as it could be any cooling passage that separated from the oil via a gasket/seal/oring. But I'd start with the Water Pump Seal.......... good write up here. Shavings in the oil are another problem all together

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[SS109]

Yep, I would start with the water pump seal. Be very careful when installing it. I found a cheap small PVC coupler that I bought at Home Depot was almost dead perfect for pressing the seal in. While there, check the water pump bearings in case that's where your metal pieces are coming from. Are the fragments something you can feel or is it almost like a fine paste? If paste like that's normally just clutch wear. If you can feel chunks, you gotta start checking everything until you find it. If it's not under the side cover then it means it's deeper and that requires splitting the cases.