Re: Won't go in gear
I would say pull the outdrive and check the cable and the linkage where the cable attaches to the drive. That is the weak link in the system and fails more than the drive does. Do check the gear lube for metal shavings and change it if you haven't yet this year.
Here is a link to a free online Mercruise manual for the Bravo drives.
http://www.boatfix.com/merc/Servmanl/11/11covr5x.pdf
Just an FYI, you don't have a 427, Mercruiser hasn't used them since the early 70's. You also said you had a 7.4L, which is the same as a 454 cu. in. Chevy engine.
If you have a serial number, maybe I can give you some other info on your engine.