You can do this simple or more elaborate.
Attached you will see the area you need to work on. This is for a 35hp Gale, but they are all similar. Remove this panel, plug the drain hole that goes down into the exhaust cavity (High temp silicone works), then drill/tap the panel to accept a hose barb. Re install, and run a hose from the barb to a bottle. Now, the extra fuel/oil mix that is normally dumped in the lake can be re used or recycled.
I did one set up on a ’57 35hp OMC where I modified it to run on a fuel pump, but kept the pressure tank. I kept the double line as well….used the old air side as the oil return, to make it look factory still.
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