Cutlass bearing..
..is this part name ,and is an intermediate part lined with some kind of special 'rubber' like material , to enable the shaft to rotate , with little friction , and minimal wear (a bearing). If you have some 'play' on the shaft outer end , up and down or sideways (try to move it by hand) , then this part should be replaced. The Elen screw is to prevent this part from moving inside the stern tube. Since ther is access from one side only to this part ( unlike a bracket supported shaft), they left this 1 inch extended end , for removal work. This is eassier said than done ; I still didn't replaced mine( same boat , same year), but from experience of others , this is not a simple job to do, it might need special tools and some experience , as not to make any damage. I will be glad to hear how you did it , as I might have to do this to in comming season..
