Been there...done that.
I had that problem a while back on an O'day 27. Unfortunately, the strut bolts came through the hull right underneath the gas tank so access meant removing the tank. Otherwise, it's a pretty straightforward job. Remove the shaft, unbolt and remove the strut, clean out the old bedding and fairing compound, re-bed and re-fair but I would do it with the shaft in place. The one mistake I made was re-bedding with probably too much sealant which added thickness therefore pushing the strut deeper in the water by a matter of millemeters, but enough to throw the alignment out of whack. I think if you had the shaft in place, you could tighten the strut nuts until the shaft felt pretty free in the bearing (free enough that you could turn the shaft by hand without too much effort, mine was pretty firm. I was a bit nervous about tackling my first below the waterline project but all in all, it was pretty basic.Hope that helps!