I don't know if your set up is original to the boat. From the research I have been doing on stern tubes, it was common in the '70s to have a large nut holding the tube and a packing gland on the end. If this is so, then yes, the bellows would be on the threads and it appears that it is.
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This is my signature line. There are many like it but this one is mine.
What a pain in the transom.
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