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It depends on the setup. Imco uses shims to set the preload on the two tapered bearings that support the propshaft. Merc uses a crush sleeve. During assembly if the races are not seated properly they can move and loosen the preload. Normally, break in of the bearings doesnt loosen it enough to make the shaft sloppy, it will only turn easier.
So this is something that needs to be fixed. If it was shimmed on assembly, then the proper number of shims need to be removed for proper preload. If it was built with a crush sleeve, it can be tightened up by tighting the retaining nut that is outboard of the bearing carrier. It must be tightened until the proper preload is obtained.
In most cases, someone that has experienced doing it and the proper tools should tackle this to get it right. If it isnt right, more damage will result. And depending on the amount of free play, it may have some consquences. The first thing might be propshaft seals. So if you do just tighten it.. look for water in the oil in future. I have seen the nut tightened and no ill effects. I would take it back to the person that rebuilt it.. It shouldnt loosen up in 50hrs..
Hope this helps
D*ck
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