Re: Mercuiser 140hp stern drive
That seal kit will work fine. But, I agree with Ford, get the complete water pump kit with housing. I've been using #1-Alpha kits from my ol' 140 HP Mercruiser without problems, done the bellows 3-4 times since owning it the last 15 years. The bellows have a lip inside that does not mate up to the #1 drive (no groove on housings for bellows lip), I just carefully slice off the lip with an Xacto knife or razor blade and haven't had problems.
You mentioned replacing the bellows, how bad is the drive/transom assy, how long has it been since they were serviced. Just me, but I'd do the gimble bearing, shift shaft bushings, and lower shift cable, just to make sure there are not any gremlins hiding. Also, pop the extra $ for a genuine OEM Mercruiser/Quicksilver lower shift cable, if replacing the lower shift cable, it's worth the extra money.
BTW, try to change the shift shaft seal yourself, before hauling the lower down to a dealer. I've changed that seal (carrier with seals) out on my M1 drive several times.
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