Fullback. Check to see if you have water in your lower unit oil first. Best way is to not run the motor for a few days so if it's quite a bit of water it will settle to the bottom.
Leave your top plug in and open the bottom.
If white foamy liquid or almost clearish water comes out first I would not run it as that indicates quite a bit of water may be in there.
As CS78 said lots of lower units may have milky oil. But it's NOT normal. Milky oil means there is water in some amount in the oil.
It will cause bearing failure eventually. But enough water to separate and come out if you open the plug means it's more than just a leaking prop shaft seal. (which 90% of the time is from fishing line wrapping around your prop shaft.)
You say your lower unit itself is cracked. I would like to see a good picture of that to determine what you have going on.
Depending on where the crack is and what has caused it is very important.
Your entire gear case could fail and that in turn can cause catastrophic engine damage.
It's one thing to have a little milky oil from a minute leak in a prop shaft seal. It's a total different animal to have water intrusion from a crack in your gear case.
ETA: I want to stress the key here is the amount of water currently in your gear case or how much can get in it relatively quickly.
If it's a lot then the crack may be letting in quite a bit of water. Too much water will cause fairly quick bearing failure as it's not being lubricated of course.
Saltwater will cause bearing failure much faster than fresh water due to the salt content and corrosive nature of course.
The other issue is where the crack is and why/how did it crack? Did you hit something to cause the crack or is it just cracking?
If the crack is toward the leading edge of the nose cone or longitudinal to the nose cone or prop shaft housing you could have something really bad going on.
TAMU Wildlife and Fisheries Sciences
Boat racing is like a beautiful woman.......expensive, high maintenance, but well worth the fun!