If your going to keep the boat IMO I would not hesitate for the upgrade. If you replace with a stock unit it maybe a matter of time before your doing this again. I learned the hard way. Definetly remove the gimbal housing from the boat. While this is out re-seal the steering shaft, new bellows, gimbal bearing etc. I may even have a spare steering shaft seal.
I'm a firm believer of doing things right the first time. It will bite you in the azz and/or will haunt ya.

With the engine out, you shouldn't need to drill. The nut that holds the steering arm should be accessable from inside the bildge. Moreover, this nut doesn't have a torque spec. It requires about .1500 inch (If I remember correctly) clearence between steering arm and nut when tight.

If you have to drill, then don't follow the MerCrusier method, there is another method that is better and involves drilling out the thin name plate area. There is a guy on this board that has instructions, re-builds gimble rings and, makes a cover plate when the job is done.

PM me if you want the info and I will find his contact info.

He saved me $750 by re-building my ring and the rebuilt ring was as good as new if not better!

One more thing.

Gimble rings fail becasue of one of two reasons.

1. You hit something with the outdrive and it damaged the pin and ring and now you have play.

2. and more commonly. The u-bolt is made of soft metal and stretches over time. This introduces 'play' into the ring and pin. That little bit of play works into more and more play with use.

You should check torque the u-bolt occasionly. Once there's play, it is only a matter of time.

Lastly, I put a stainless steel u-bolt on mine which offers far higher tensil strength. However, it also won't stretch much, so when you use this kind, make sure you turn each side ONE FLAT AT A TIME, and keep both side of the u-bolt even.

Here's a picture of mine after I was done replacing the gimble ring... I used the Mercrusier metod because I didn't know about the name plate method. Notice the plugs.

New:
Gimble bearing and race
Coupler
all seals (the upper one was really tough to pull)
new belows

Give Me A Call. I Can Help You With What You Need. Ron Bender 216-390-1330

Thanks Ron, I planned on it. I am trying to get my ducks in order

Its raining here so I can not crawl inside the engine conpartment to see if it is possible to remove the upper shaft bolt without removing the assembly off the boat. Some said they have done it, I just don't see how it is possible. Like I said its my first time removing it, I just don't want any problems when boating season is a couple weeks away

I see why you misunderstood my comment. What I meant is that you should not have to drill holes to make this repair if the engine is out of the boat. It is tight, but you should be able to access all nuts/bolts, etc from inside the engine compartment.

1bigjim Scarab22-98 Is Is Wrong. Take It From A Mercruiser Guy The Nut That Holds The Steering Shaft In Place Is The One That Does Not Have A Torque Spec It Sets The Clearance For The Gimball Ring And The Lower Transom Plate Yoke. The Steering Arm Bolt Does Have A Torque Spec And You Cannot Get To It With The Transom Plate In The Boat.

So I am still confused

Can this be done from inside the engine compartment?
Has anyone truely done it?

I am jumping in it tomorrow, the suspense is killing me

It is so easy to pull the gimble I can't understand all the chatter, also if it is a salt boat you can bank on the bottom shield bolts being rotten. Get it out get it clean do the job and touch up the paint and put it back on the boat you will not regret it! If you were to find a transom issue better now then once up and running!