The exhaust bellows should have no impact on how the boat sits in the water as this is a normally wet area. Mercruiser even got rid of the bellows in some applications and used a hose that is clamped to the forward side and direct exhaust into the rear exhaust port without a direct connection.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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