I imagine it would work though.
No offense tfitch03, but there is a reason that some of us shouldn't respond to questions like this. People can be miles off shore on a boat that has been repaired using advice that can be causually taken from a forum. Sealing a boat from water intrusion is something to be taken very seriously.
Just my 2 cents.
good point sam
do ineed to use a gasket sealer on the out drive gasket when re assembling? or just use the gasket dry