So if the engine package is a '94 for sure that's a joint venture Cobra which for all practical purposes is the same as a Volvo Penta of the same year.
However, a '94 boat could have a '93 power package, the differences you can see are the joint venture will have an engine mounted impeller and the drive has a hump on top like a Volvo (because it is a Volvo SX). The '93 being pure OMC Cobra, has the impeller in the drive and the top of the outdrive is flat across the top. Both were painted the same OMC charcoal grey.
In addition to what was posted, I would disconnect the hose that goes from the impeller housing to the transom mount at the impeller housing and hold it down to drain it. Then put the outdrive down and hold the hose up and fill it with -100 AF, this will flush water out of the PS cooler that is in line with the raw water intake hose, and will also flush raw water out of the outdrive itself. Re-connect that hose to the impeller housing. Then disconnect the hose that goes from the impeller housing to the thermostat housing at the impeller housing, allow that housing to drain. After it drains, you can reconnect the bottom end of the hose at the impeller housing and disconnect the top end at the thermostat housing. I would then fill that hose with -100 AF, that takes care of any remaining water and also lubes the impeller when you start up in the spring.
You should see if you can find an OMC shop manual for your model #, or a Volvo Shop manual, for that year. I've never read a Volvo manual but the OMC shop manuals and owners manuals were good for DIY maintenance.
Online inventory of OMC stern drive 584AGPMDA intake manifold, exhaust & cooling parts for 1994 5.8L stern drives. Buy a genuine OEM or aftermarket part.
www.marineengine.com
manifold drain is the rubber cap on the end of the manifold part #22
you disconnect the bottom end of the large hose #13 to drain the front circulating pump
Online inventory of OMC stern drive 584AGPMDA crankcase - 5.8 litre parts for 1994 5.8L stern drives. Buy a genuine OEM or aftermarket part.
www.marineengine.com
engine drain is way at the back of the block, part #59 in this diagram, one on each side, remove the petcock and use a small screwdriver or stiff wire to rod out the hole to make sure it drains
Online inventory of OMC stern drive 584AGPMDA power steering pump parts for 1994 5.8L stern drives. Buy a genuine OEM or aftermarket part.
www.marineengine.com
P/S cooler is part #41, they usually drain when you disconnect the raw water intake hose because they are mounted close to vertical but I'd still fill the hose with AF.
I also fill the block & manifolds with -100 AF or my mix of Sierra PG antifreeze and water but that's optional. Salt water use requires the best in corrosion control, fresh water a whole nother story. I'm in the Long Island Sound salt pond.