Re: Exhaust Bellow leak??
I don't know whether you have bad bellows or not, and it would be a very good idea to replace or at least very closely inspect the bellows if the boat is new to you, however, what you are seeing might be completely normal. At the bottom of the gimbal housing where the drive attaches to the boat, there are two idle relief ports (basically just holes) where the vast majority of the exhaust and water leave the exhaust at idle. When on muffs, I get nothing more than mist out the prop hub, mostly exhaust gasses out one port and most of the water out the other. They are all connected-it's just a matter of path of least resistance.
If the exhaust bellows is leaking-no big deal, you could even operate the boat just fine without one (though they are there for a reason). It would be a bit noisy though
If you have leaks in the shift cable bellows or u-joint bellows, you could fill the boat with water (bad) or at least cause expensive damage to parts that are supposed to stay dry (esp. in the u-joint bellows). It would be a great idea to pick up an alignment tool on e-bay or have a machinist friend make one for you (there are the specs in the "Adults only" section at the top of the forum, along with tons of other helpful info on alignment and other maintenance items), pull the drive, check alignment, and closely inspect the u-joint bellows. You will also need a gasket set when you put it back together.
Enjoy your new boat!