I have the 5411 Universal that appears to be very similar to yours, and has the same output rating. I shut off my engine just by throttling back on the throttle lever all the way, until the engine receives no fuel and cuts off without the use of a seperate kill lever.
I would get your fuel shut off fixed right away because its not good for your engine to shut it down by running it in reverse. It stresses out the engine more than necessary, & it risks starting it later in reverse gear. this makes it very hard to start in gear by mistake, really wears on the engine & tranny, & risks the boat lurching backwards & hitting something if started in gear. Good luck on your cable adjustment.