I'd recommend sanding and painting the bad spots and then using TriLux anti-fouling paint. I bought a quart a couple years ago, and just glop it on in the spring. It looks ugly, but your drives are under water the whole time, so the only people who are going to see them is in the boatyard during the winter. However, the biggest reason I can think of for not 're-finishing' the drives is that no matter who does it, it will never be as good as the factory paint.
I haven't had the lower bearing carrier replaced, however I did have it done to the driveshaft bearing carrier. I assume they are similar, with the big exception that the lower carrier is actually two, a clockwise and counter-clockwise set. The upper assembly is pretty complicated with bearings and spacers and takes quite a bit of adjustment to get the shaft run out spec'd properly. I also understand getting the bottom carrier off can be a real bear. It sounds reasonable to me.
A full hour per drive to R&R the props is over the top IF the props come off. The BIII props are a metal to metal connection, if they have never been off and are stuck on 1 hour for R&R is peanuts. Better choice buy the tools and DIY every fall and spring. This insures there will be new grease between the prop and the prop shafts. The socket tool for the inner prop nut will cost you $ 72 from Mercury. The deep socket for the outer nut will cost about $ 25.00 and given the size Napa is the best source for that. If you don't have ½" drive ratchet expect to spend another $ 40 at Sears. Get the tools and do it yourself. I pay $ 270.00 per prop at H&H in Salem. In fact I have two sitting on the bench in garage that need to be dropped off. They clean, check and correct the profile, weld and blend any dings, and balance.
If you decide to buy the tools let me know and I'll post the socket size needed for the outer nut.
Henry