CVX Fever,
Thanks for posting the pic, very good example of what I was saying, and it saves trying to explain the mounting cap on the outdrive to anyone who hasn't seen it before. Also shows a nice drive shower!
This style of external hydraulic cylinder is typically used to assist the factory style setup internally, it is looped in with the hydraulic power assist lines that run the power steering ram that connects to the steering arm inside the transom. It adds stability by adding leverage, and helps reduce slop and torque steer.
Now, to completely replace the internal system, this may not be the right answer, but with dual rams... could be a potential solution in the works.