Re: What lower unit gear lube?
How many shavings? It's not unusual to see small 'strands' but if you're getting large chunks on the magnetic drain plug, and flecks of metal are apparent in the drained oil, that's a problem.
If so, the lower unit needs to come apart for diagnosis/repair/replacement.
This past summer I was over at my good Wrenching Buddy Mr. "T"'s place and we drained the oil out of a Merc V6 that had a 'clunky' gearcase.
It was so full of metal that when we put the oil in a glass jar and let it settle out, the layer of ground-up metal at the bottom of the jar was (as I recall) an inch thick or more!
Needless to say, the innards were ground to bits and it was cheaper for "T" to find a good used lower unit than it was to repair it.
Don't panic if you see just a few flecks of material. Some wear is normal and you will get particles on the magnet, that's what it's there for.
If the propshaft spins smoothly, and the lower unit shifts well, I'd just clean off the drain plug, renew the oil, and then check the plug again after running for a few hours (and periodically after that).
Checking it regularly for metal bits will allow you to spot 'impending doom' and get it fixed before there's too much damage.
BTW, Wal-Mart also sells Hi-Vis marine-grade oil, for a bit over $3/qt and that's a pretty good deal compared to outboard shops. I have not observed any diff in quality between that oil and mfr's.
Note some higher-perf and newer gearcases might require a performance-grade of outboard mfr's oil but that'd be specified in the owner's manual. Your average, garden-variety outboard is happy with marine Hi-Vis.
HTH..........ed