"I think it is virtually impos
"I think it is virtually impossible for engine oil to reach the bellows. If the engine leaked through the rear seal, it has the flywheel to deflect any oil leaks, and the rest would go to the bilges. Even if engine oil reached the primary shaft, it would have to go through two seals and one or two bearings, plus the absorber. If what you have in the bellows is actually oil, it most likely comes from the outdrive. But remember, it could be also grease part of what you see.
You may want to replace the drive bellows and examine the spiders. Probably a good idea to replace teh spiders as well if you haven't done so in a long time or if you are not sure of their condition."