Re: 1984 bayliner. volvo penta aq125a 270 i/o bellows and bolts
Welcome to iboats. I think the first thing you need to do is visit the Volvo section of the Adults Only sticky (2nd thread in this forum) and do some reading.
If the bottom bolts on the transom shield is loose, you need to find out why. My guess is the transom is rotten. Very common in old boats. So before you spend a lot of money on the engine, bellows etc. you need to find out what rot you have in the stringers and transom. If it is rotted, then the engine and transom shield will have to come off for repair.
probably have to pull the engine anyway because of the bellows being bad, but there is info in the Adults only sticky that covers that.