no, it's not possible - the water ingress will be almost impossible to manage. we tried it once and regretted it
although i suppose this depends upon how deep your
bilge is and the capacity of your
bilge pump
it's basically something that needs to be done out of the water, although a good diver can do a lot of
work with a piece of stainless wire
if you have over-heating problems, are you sure it's a blockage at the
saildrive ?
finally, one of the things i've done to most of my boats is seal up the water suction on the saildrive leg (which are prone to blocking), and install a proper sea suction
cheers,