I think you'll find that the one without the pin is too long, that is the driveshaft is too long. If not, & if everything else bolts up, you may be good to go.


The pin is a spring-loaded preload for the driveshaft bearings in the lower unit (under the waterpump). The lower unit without the pin is the older design, and has the right bearing setup to not need the preload.


In my vast experience (tried it once), the non-pin one was too long.


Ignore the gearing, if you can get around it with a different prop.