Hmmm the Rotella oils is "designed" for diesel engines. I think mine is petrol because of the sparkplugs I have =) Does it matter if "diesel" oil or petrol?Use 15W40 oil. Shell Rotella T is a favorite of many. No need for synthetic as most people put on less than 50 hours a summer.
Riser is also called exhaust elbow. You want the exhaust to leave the engine area pretty high up with respect to the bottom of the boat. So an exhaust elbow or riser to get it up high.
You can get exhaust parts from Sierra. No need for Volvo Penta OEM unless they are very new with catalytic converter.
The exhaust manifold and riser are water cooled. So a water jacket. If things rust to the point where there is a leak between water jacket and exhaust then water can get in the engine and damage it. You avoid that by pulling the exhaust off every few years and inspecting. More often in salt than fresh.
If you have a heat exchanger then it's a FWC engine. So some answers may change. But it does not sound like it.
One of the reasons to pull the outdrive is to just get it off. You make sure it will come off nice and easy the next time. Not stuck on and a bear to get off.
This right?