Look at part #62 in this schematic, if yours looks like that then you have the engine mounted impeller.
The confusion comes from the fact that there were 3 basic different OMC Cobras made. One was the original OMC dog clutch design and this had the impeller in the rear end of the upper unit of the outdrive. The other was the limited production King Cobra (cone clutch) made from 90-95 or so and this also had the impeller in the same location. Then there were the joint venture models that were made from 94-98 with Volvo which were the same as a Volvo SX, these did have the impeller on the engine. More importantly those drives are the same as a Volvo of the same year and parts are not a problem..
http://www.dougrussell.com/partscatalog ... ,1478,1479