1969 Evinrude 25903B lower shift shaft concern

I need some advice about the bushing, gasket, and O ring for the shift shaft rod located in the exhaust area of my 1969 Evinrude 25 hp. As a first time do-it-yourself mechanic, I realize now that I didn't need to remove the shift rod from the upper lower unit to work on my gears in the lower unit. But, I did. After flipping my clutch dog around and hoping that solves my main problem, I began to re-install everything. As I was guiding the shift shaft back up through the bushing in the upper lower unit, I noticed some orange material in the bushing hole. I assume this is gasket material. My question is whether I should put the boat in water and see if it leaks, or just plan on taking things apart and replacing the bushing gasket and O ring. If that is my only option, how difficult (and expensive) will that job be?

Re: 1969 Evinrude 25903B lower shift shaft concern

Removing that bushing is simple and easy if you have the special tool to drive it out. Using the tool, the bushing can be reused. There are other ways to accomplish it too, but not as easy. I make those tools. You have a PM (Private Message).