That '470' is just a sticker, and yes the valve covers for the 470 and the 485 are completely interchangeable, it's the same cover.
If it's dumped that much oil out through the bellows and into the bilge, then it's either popped the front seal, or the surface on the yoke is so bad it's completely eaten the seal. Get ready for either a speedie-sleeve, or a new yoke.
I'm wondering if I should hunt down a new drive then, and if I'm going to go that far, I guess I should figure out if the boat is worth putting a new drive on.