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Hi Tubs,
After taking a second look and doing some experimenting, I believe the answer to adjusting the gear lash is accomplished by merely using gaskets of varying thickness between the surfaces of the rear bushing flange and the gearcase itself. (Your motor has a different rear bearing carrier.)
Somehow, I overlooked the 1/8″ pipe plug that is clearly visible in your excellent photo. Blame it on old age! But is it supposed to be the filler plug, and therefore is one of the mounting bolts indeed to be used as a vent as I wondered? That would make sense, but because of the location of that plug, you could never drain off any water that would gather at the very bottom of the gearcase or drain the old grease very well.
I should mention that the previous unknown owner had mounted a homemade steel skeg using four big bolts to replace the snapped off skeg. It appears that he may have used an existing drain plug hole. Hence my question as to where a drain/filler hole may have been.
I see your motor also has that small hole just below the anti-cavitation plate. I wonder, if you poke something into it, will it hit the downtube and stop?
Many thanks for your reply. We’ll see what others may have to say about this.
Ron