The only mud baths that i know of is in DALYAN which is a few hours journey by road from TORBA..as for a boat from Bodrum to OLU ...thats even further in distance and if possible i dont think you could consider to do it in a day or two...

Hi we went to Torba (club voyage to be exact) 2 years ago and 5 out of our group of 10 went on a bus trip to the mud baths and they said it took 3-4 hours to get there . The coach that they went on had no air conditioning and it was 95 degrees outside with no drinks available and the coach broke down on the way back. They had to leave the hotel at 7am and did not get back until 10pm a very long day and they were not that impressed with them either.

been twice to the mud baths at Dalyan and whilst they are OK to fill a couple of hours I wouldn't recommend them if it meant a long arduous journey, they are a bit of a dissapointment.
but not to worry, there are lots of resorts etc to visit from Torba, all reachable by Dolmus' for a couple of Lire.