I'm not a Volvo guy, but I know they are a tough as nails kinda drive, but I been spoiled to the Mercruiser. I do know this about them though, the gimbal bearing is it's weakest muscle, when it goes bad, it spins in the housing and the rest of the story is to replace the transom assy .. about your question, if you can replace that bearing, put it back together and have fun, if you can't get it apart, good chance it won't leak.