[bigeasy1]

As mentioned,pictures would be a help.Where is the hole that you found?Is it rot? More detailed info would also be helpful.
This is a great site for help,the guys on it have been a big help to me on my project.I've met a couple of them and they are great guys.

I recently did a transom replacement on my 74 Tsunami,I/O,and am ready to put the engine in.
I own a couple I/O boats and fish out of lots of them,and personally prefer them over outboards for the area that i fish(Great Lakes)fresh water.

I think outboards are superior in saltwater as you can tilt them out of the water to reduce corrosion problems.They are also much easier to winterize,and you can fish later into the season if you're up north.

I've never had bellows leak,but it can happen when someone installs them improperly,or when owners are too lazy or too cheap to maintain them or replace them when necessary.