Howdy,
It really helps if you post your actual engine/drive model number.
for 95 boat and a King Kobra 7.4L, it could be any of the following
744DCPMDA 1994
744DCPMDM 1994
744DDPMDA 1994
744DDPMDM 1994
744DGPMDA 1994
744DGPMDM 1994
744DJPMDA 1994
744DJPMDM 1994
744DPHUB 1995
74FEPHUB 1995
Unfortunately, ALL of the above drives are the OMC "Interim" drives (they have the raw water pump on the back) They are NOT Volvo SX drives nor are they interchangeable with the SX.
Although OMC has been "gone" for nearly 30 years, You can probably get them rebuilt with certain new old stock or used parts (not cheep).....or you could find yourself a Volvo Penta SX drive, transom mount and other associated parts and swap it out. (ALSO NOT cheep)
If your engine has EFI & Electronic IGN and you can find all the parts to fix it if it breaks, the boat is in otherwise good condx and you want to keep it, it might be worth it.
But for any 26 year old boat, it may cost more to swap out the drive than the boat will be worth after you're all done. It would all depend on how much you could do yourself and if you can find "swinging deals" on the 'new" drive and other required components.
Another way to "fix" would be to find another (damaged) boat with a 7.4L engine and Volvo SX (or Mercruiser 7.4L + Bravo I or III drive) and swap the engine/drive your boat. Then you could sell the donor boat/trailer/engine parts that you didn't use.
I did that about 10 years ago removing a 460 King Cobra and replacing with a Mercruiser 7.4+ Bravo drive. I sold all the OMC stuff piece by piece over a few years. After it was all done, I probably had $5k in the boat + another $5k in the engine and drive (sold the OMC stuff for a total of about $3500)
It was a LOT of work but I am still not sure if the boat is worth much (1987 FourWinns) The engine and drive sitting on the floor is probably worth more than the boat with it installed!!
If there's nothing otherwise wrong with your drive, I would replace the propshaft. (but there may be other damage and you could have to replace the lower casing bearings etc)
If you cannot do any of it yourself, either way, it will be fairly expensive.
Regards,
Rick