Re: check valve
It is an exhaust check "valve". There is a two-hole port at the bottom of the exhaust y-pipe that exits thru just above the bottom of the transom mount. It is covered from the outside by a rubber flap and kept against the opening by the mounting bracket.
I am unsure of the actual operation of this, but it does allow exhaust to exit at a point above the main exhaust outlet at the end of the cav plate (not shown).
Here is a pic off mine. For reference the exhaust bellows is at the top, then the check valve port housing with the rubber flapper (small black rectangle) right above the anode at the bottom of the mount and then the bilge drain on the transom. The rubber flapper is attached at the bottom behind the zinc anode with a mounting tab that presses the flapper up against the holes of the check valve port.