That SX outdrive in the 1994 and later models is the cone clutch design. The "OMC Cobra SX" and the Volvo Penta SX drives are basically the same thing except for the name. This was the time period that is referred to as "joint-venture" between OMC and Volvo. We had a 1995 190 Horizon with that system. The parts are different than the older drives.
When you remove the outdrive to access the driveshaft and gimbal bearing, there is no gasket on those mating surfaces. Water is fine in that area, but salt water or other conditions could cause corrosion to the housing surfaces and make removal very difficult. There is an odd shaped o-ring that seals the water passages at the mating surfaces. Check the u-joints closely. You should have grease zerks on the u-joints on the driveshaft assembly (mine did). If needed, the U-joints or the driveshaft can be replaced. If the gimbal bearing is not in really great shape it should be changed. If the gimbal bearing is OK, it should be greased via the zerk on the starboard side of the outdrive next to the transom. Also, check the driveshaft bellows very closely for condition, surface cracks, and leaks. Look closely at the forward end of the bellows next to the hose clamp screw. I had that happen twice. This bellows should be changed every few years. I recommend cleaning up the driveshaft surfaces as much as possible and covering with a thin coating of grease for rust protection.
You can find maintenance information in maintenance and parts manuals, this website, and on
www.iboats.com.
Removing the outdrive for inspecion and servicing should happen every year. Buy or make a stand for the outdrive to make it easier to remove and install. The single prop SX drive weighs near 100 pounds and the dual prop DP-SM drive is more like 150 pounds. This is way too much to try to "muscle" off and on. Don't over strain and wreck your body. On that boat there is not a lot of extra room for a few of your buddies to help lift the outdrive into position.
