broncostu,
The modification we are speaking of is the swivel shaft repair job. Basically you drill about 30 3/32" hole in the transom plate (the water side) and then knock a rectangle hole so you can access the pinch bolt and upper swivel shaft nut. Merc used a steel shaft and eventually the shaft will rust and tear the rubber seal to pieces, which in turn causes a slow to steady leak around that shaft and seal. This will eventually happen to most boats. I replaced mine with a stainless steel shaft.
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