Alpha drives and Bravo 1 drives use one propeller. The Bravo 1 drives can handle more HP then the Alphas and also use an external water pump driven off the engine. The Alpha drives have the water pump inside the drive. Bravo 3 and Volvo Penta Duo-prop have two props on one drive which rotate opposite from one another. This counter rotation offers better performance for an under powered boat or a heavy one. Fuel economy is also slightly increased. The B3 drive also uses an external seawater pump
Bravo 1
Bravo 3
Just to add on to this:
The Bravo drives (cone clutch) shift much smoother than the Alpha drive (dog clutch)
Both the Volvo SX and DP drives have cone clutches like the Bravo drives do
There are more advantages to a douprop or Bravo 3 drive: slow speed handling, and much better steering in reverse to name a few
The water pump on the Bravo drives should be changed every 2 years or so, the Alpha pumps are more robust and usually last longer than that
If the OP is considering a BB engine, I would take a 496 over a 454 any day, neither of which are manufactured by GM anymore.
If you end up looking at newer boats, your choice would be between a Merc 8.2 or Volvo 6.0. Displacement doesn't mean as much as it used to with variable valve timing and weight savings.