Re: water in U-J bellow (alpha 2)
What make model and year?
Water intrusion could be through a faulty gasket between the outdrive and the bellhousing or past the o ring round the water passage (if Mercruiser).
Are you sure the bellows are in good condition? Just a pinhole sized crack which maybe only visible when the bellows are bent (prop trimmed all the way up) is enough to let water in and pretty impossible to see. How old are the bellows?
I guess your next move is to remove the old bellows, clean everything up and replace with new, and do the shift cable and exhaust bellows while you're at it.