there is another option to the bellows, Mercrusiers can also use a two piece tube in place of the bellows. There is a discussion here
I'm running a 5.7 L EFI engine on an Alpha 1 outdrive. What are the pros/ cons to using an exhaust tube vs the bellows?
forums.iboats.com
being a two piece, it doesnt fully seal all exhaust gases going through it, but allows some to escape for less backpressure (shallower depth and shorter path) on higher horsepower engines. Ill probably install one on mine next time I do bellows, as bellows are a bit of a PITA to get seated, and the exhaust bellows gets quite a bit of stretch in it.
Yours being split is really no different than having a tube in place. It will leak some exhaust gases early, so you may be a bit louder, but its certainly not going to hurt anything at the moment.
My exhaust bellows came also as part of a set, and is pretty badly checked in the volutes of the rubber. If it goes, no biggie, but I am keeping a hawkeye on the u-joint bellows. If that one goes, the boat floods....... and Ill be changing that one out next off season before next years season regardless, at that point it will be 2 years old (one year used).