The nice thing about the PSS shaft seal is that it provides "wiggle" room if everything doesn't line up perfectly. The photo here shows my PSS shaft seal after replacing the bellows. The engine-cutless bearing alignment was fine, but the shaft log wasn't precisely aligned, as evident from the bend in the bellows. Nonetheless, the seal works perfectly.
This job was done when my 1990 boat was 17 years old. Only the bellows, o-rings, and hose clamps were changed. The (dark gray) graphite stator, which is captured by the bellows, is original, as is the SS rotor.
The electrical tape was placed when the rotor was just contacting the graphite stator. Per instructions, the rotor was then moved 3/4" to compress the bellows and then fixed in position with 2 set screws, one of which is showing. The "V" mark points to the more polished surface of the rotor.
We are now coming up to 23 years, with over 1000 hours on the engine and a lot longer to go before expecting to replace anything. Still dripless (except when I churn up silt on occasion at low tide--and even then it doesn't spit enough to require pumping.)