Re: 1986 OMC 4.3 Cobra outdrive
Like Sea Wolf is asking, don't jump straight to a pooched gear case - eliminate logical steps first. Like I said, I don't know about the Cobra, but I can have the Stringer drive off in about 15 minutes. Makes it real easy to see who's running and who ain't - In my case the engine died with the drive on, and didn't with the drive off: jazz hands to the stern drive!
Is it easy (relatively) to get a cobra drive off a boat? (and put back on)
Pulling a cobra is simple. 6 nuts, and it's off. You need a new gasket to put it back on. A strong back, a hoist with an eyebolt into the oil dipstick hole, or a cobbled together 2x4 frame to hold the drive as you slide it off is super helpful.
What I'm wondering is, can you run the engine with the drive off? Obviously you don't have to worry about melting the impeller without water flow, (it's in the drive), but do you have to worry about the rest of the water system running without water flow?
OP, to me it sounds like it could be fuel related too...Is the carb clear? Choke functioning as expected? Do you have a way to check fuel pressure?