If you replace the impeller every 2 or 3 years, the impeller is not an issue at all. I have never had an issue with the bolts.
The water pump on the Volvo is a huge advantage over a Merc Alpha.
The engine driven raw pump is definitely "better" in my book over a drive mounted pump..................... And there's not a thing wrong with either the Volvo raw water pump or the Bravo pump. (unless you run them too long)
The (Alpha) Gen-II raw water pumps seem to live longer than the earlier Alphas though............
If you like to do your own "work" my contention is that you might be able to find more parts availability with a Mercruiser.
Just searched eBAY a min ago and found in eBAY MOTORS: BOAT PARTS searching for "Mercruiser":
86,851 Mercruiser "things"
and 14,784 Volvo things........
It varies from week to week.......but there's always a LOT more Merc stuff.....
If you're buying new parts (and there's a LOT of good reasons to do it) there's really no difference. You'll always find what ever new part (after-market or OEM) you need for either....
But if you're going to get used parts, you'll probably find more in the Merc dept.....
Also, if you need a lower or an entire new drive, you have SEI as a replacement choice. SEI does have a big line of replacement parts for a Volvo but I don't think they're doing entire Volvo drives (yet)
Don't get me wrong.
If I could have found a BBC Volvo DPS drive for my Four Winns when I was looking, there'd be one on the back right now!!
I don't think you'll go wrong with either choice though.....
Good luck,
Rick