Bearings seem to be ok. I replaced the gears before I ever ran it in the water. The boat was given to me as a project, so I couldn't complain much. The previous owners (a camp I grew up at) had a mechanic look at it & give them a quote & apparently didn't think it needed bearings, so I think it's ok.
I've since had it out this year several times with no problems (at least with the drive-train).