Doug,
If in the water, there is one thng I would suggest. I am a diver (so I do alot of my work underwater) & my boat is in salt water. However, I have a scuba service for my bottom cleaning (keeping this in mind if you are in a wet slip but don't dive).
To make your adjustment go smoothly, I would suggest for someone to take a rag, silly putty or whatever and plug up where the shaft enters the boat (underwater).
If working myself, I take a rag, attach a fishing snap shackle to it w/20 feet of line that I carry back to the cockpit for retrieving the rag later. This setup I use to plug up the space between the shaft log & shaft.
When loosening the PSS collar and sliding it forward to a neutral position while inwater, water may pour in. So I use the above method. At the shackle, this line is so when everything is set, I can walk near the stern with string inhand and just pull the rag out without having to go back under. This has worked great for me.
Look at the link I sent you for confirmation, but if you have a 1" dia. shaft, a 3/4" deflection is per manuf.'s specifications. Let me know if you have any questions pal........but, don't forget the PVC as a finisher.
CR