Re: 1.6 Sea Drive OMC 1987
At some point, you may very well have a problem. That O Ring is designed to keep water away from the driveshaft/crankshaft splines. The lack of that O ring is why the splines rust together making it next to impossible to remove the lower unit.
Hopefully you saturated those splines with anti corrosive grease so that you may have a chance of dropping that lower unit again at some future date. If not, I'd strongly suggest that you purchase a O Ring, drop the lower unit, install that O Ring and a good amount of grease, and install it correctly.