I very much doubt your trim angle has anything to do with this. If you were trimming it up that high that it was overheating, I would also think you'd be experiencing ventilation of the prop.
What spec is required for the gear oil of your engine? Check your manual, but for now I'll assume it's GL4. The Merc Hi-Perf stuff is excellent gear oil and as long as your drive doesn't require GL5 gear oil, it's not the issue. A suggestion would be to do some oil sampling. That way you can find out if there's anything major going on. You can send it away to a place like Blackstone Labs, or find a local CAT dealer. Typically, it'll run about $20 which is pretty cheap considering the amount of information you'll get back.
Here's what I'd do (always noting the amount of hours on the oil):
-- Take a current sample of the blackened oil
-- Drain the oil and then flush it. Waste a good two quarts worth by filling from the vent hole. Change the trim level of the engine to be sure and flush all areas out. I would even go as far as to artificially heat the gear housing with a small heater. Heat it up for a couple hours to get everything nice and warm inside so the oil flows better.
-- Fill the gearcase and then take another sample after about 5 hours (or whatever you feel is necessary based on prior experience of how long it takes to get black.
-- Do another sample.
Ask the oil sampling company if they'd need a clean sample of gear oil, for reference.
I would also pressure test the gearcase for good measure.
This is just a wild thought, but I wonder if maybe some exhaust gases are getting in there. You would think that exhaust water would then be getting in there, too, though. The Merc stuff would turn light green with water (only), but maybe there's only gasses getting in there somehow. You could collect the gear oil in a jar and see if water separates out from it, though (easy and free test, if for nothing else than to eliminate variables).