In 1994, you could have Old Style Cobra outdrive (OMC) or New Style Cobra (OMC made the same as Volvo SX)
If it is Old Style, you have 2 bellows under the outdrive:
1. The lower one is the exhaust bellows, and it actually does not matter if that one leaks. Newer Bellows already have drain slots cut into the bottom of the bellows so it does not hold water.
2. The upper one houses the Drive Shaft & Universal Joints. It must not leak. If it does leak, water goes into the boat, and also wets (and ruins) the universal joint bearings.
The shift cable comes through the transom bracket and up through a "Hose" that is about 1-1/4" diameter. This hose is water tight at the transom bracket end, and the other end is open (or covered with a small bellows) and must be above the waterline. This open end has a small bellows on it that Borchik might be referring to, but that bellows does not matter because it is always above the waterline. I had to replace this "Shift Cable Hose" (that is not the correct name for it) on my old Cobra Drive (1987). It required pulling the engine, and removing the "Exhaust Y-Pipe" to be able to get to it.
If you have the new Style (Volvo SX style), then I am not yet sure how the shift cable is routed or sealed. New style outdrives have a hump on the top, Old style have a flat top.
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings