Thanks guys. TooLoose - I believe mine does the same thing (both livewell and raw water washdown). The perko replacement is coming today so i am going to to put it in without replacing the thru hull 'pipe' but I might end up having replace the entire fitting and not just the outside clamshell.
I love my 175! Such a well balanced boat. Floats perfect (I see so many boats that are stern heavy) and runs so well. I easily hit 35 mph with a full tank of gas, 5 people and a dog.