Re: exhaust part missing? is it important ?
...... Saw a what looks to be a flat bracket attached that rattles around and looks like it has no purpose there.
You are, indeed, describing the remains of your former flapper (shutter) valve. If I am reading you correctly, only the metallic components remain in place. If so, your challenge is to find the rubber pieces that are probably stuck in either the exhaust tube through the transom or in the exhaust passages of the lower unit (provided that the pieces were not small enough to be ground up by the prop.) If you are experiencing an overheating situtation, especially on longer runs, then I suspect you do have an exhaust blockage.
The verduct is still out on mandatory replacement of the flapper...some do, others don't. I have run our V-20 for three seasons now without.
Your exhaust tube should be similar to the attached. The flapper (shutter) is piece #6.
http://www.marinepartsexpress.com/M...9718_0B450800/EXHAUST SYSTEM (NEW DESIGN).pdf