Yeah. Had one of those in my Liberator! That "King" Kobra in 1987/1988 was different (bigger) than the other drives. The one behind the 460 was indeed a dog-clutch drive and it held 108oz of oil.
The one that went behind the 350 size (and smaller) engines held a LOT less oil.
In reality, you could probably bolt a drive that came from a 350 to the transom mount behind a 460. (although the yoke might be a different length) The pivot housing is not the same nor is the gimbal housing. The inner transom plate is however identical.
The bigger problem is the exhaust manifolds and coupler (for the 460) .......... The manifolds are simply not made anymore. You either need to use new (old-stock) or used. (or after market stainless steel $$$$$) I think Sierra does have a coupler now but it's not cheap.
And yes, a good running 460 would probably, eventually break a smaller drive..............MAN I'm glad that thing is GONE!
Good luck!
Rick
Oh, ratios..........
Are the gear ratios the same? And if they are not does it matter?
They're close enough to not really matter. 1.43:1 vs 1.41:1 essentially the same..........