There is a local manufacturer that has reducers and they can make what you require:
www.taylorme.com.au/exhaustaccessories.htmlwww.taylorme.com.au/waterliftmufflers.htmlAlso Centek make reducers:
www.defender.com/product.jsp?path=-1|311|2349040|2349044&id=2683291
Vetus offer a Exhaust Temperature Alarm on p.96 of their 2017-2018 catalogue, which might be able to give an earlier overheating alarm on fresh water cooled engine, I'm unsure if it would be any earlier on the Bukh.
Of course if its leaking exhaust water into the bilge then its also leaking exhaust gas so you need to be careful to avoid CO (carbon monixide) poisoning.