I'm replacing the air cooling tube as it's kind of worn out between the engine cooling shroud and the outdrive which appears to cooling the clutch while in operation, I noticed when I took it apart that it there seem to be greased smeared on the inside of the barbed hose fittings I'm guessing this is to act as a bit of a filter to try and pick up any dust or dirt... can anybody confirm this? Thanks fellas.

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Just guessing here but it could possibly be from the belt slinging grease from over greasing the bearings or smearing grease on the hose to install?

I'd pop off the clutch cover and have a look your seal behind the gear on drive my be shot and is leaking grease into the belt box.