Sounds like you have the same as mine. If so the timing curve is in the expensive switch box. [ 415$ ] . It appears to have a different stator but the trigger is used on both models. CDI lists the newer ignition as 1994-1997.
I have what some people call a 1994 and a 1/2 model 20 hp. On mine the trigger is fixed and the timing curve is built into the switch box.. I believe that the 1994 and before has a link from the carb to rotate the trigger to advance timming.
It looks like the water pickup is in the snout behind the prop. If you take off the rectangular plate with the screw in it just above the anti cav plate you may be able to attach muffs.. Your best bet is to use a barrel though.
I do not consider it a problem. As I said the water coming out has already done its job and is going back out the motor anyway. The picture of the boot may differ a little from yours. But you can get the idea.
Mine does that also.. There is a rubber accordion boot on the shift shaft.. The water coming out there has already gone through the motor and is on its way out with the exhaust anyway. After I changed the water pump I was not able to reseat the rubber boot.. I just left it like that. The only...
I have only done 3 of these type of gearcase seals and I never needed any special tools. The shift rod bushing I tapped it and threaded in a bolt and then drove it out from the bottom.