Re: bellows 101
On the alpha 1 drives there is a replacement for the exhaust bellows (bottom) called an exhaust tube. it only connects to the transom end.
The Exhaust bellows does not really keep water out so much as it pipes a mixture of water and exhaust down and out through the prop. The upper bellows keeps a water tight flexible connection between the transom and the outdrive which houses the driveshaft and u-joints. Aleak in this bellows can sink your boat as it will allow passage of water through the transom.
The third is the Lower shift cable bellows. this is a small one that seals the entry of the shift cable through the transom. I believe water will enter your boat if this one is compromised as well.