Re: 91 Yamaha Waverunner III rear output shaft service
Not entirely sure as I've only cut one of those up for another project - but there should be a zerk fitting that pumps grease to the midshaft bearing inside the hull.
look at the rear side of the carburetor intake manifold and see if it attached there (it is on other models) - otherwise look at the midshaft housing and find the hose attached to it.