I have no idea what the theory of this is, but be careful....you asked about YOUR motor and got an answer from F_R, who just knows, and from Joe Reeves who also knows but posted the OEM manual reference.
It is not OMC-wide. I have a 1975 E'rude 6HP. That key is set parallel to the taper....right in my OEM manual.
Kind of makes me wonder whether it really matters, But if they actually specify I guess the smart thing is to follow that instruction.