Re: 64 johnson 5.5
As a matter of fact, that little pin is to align the holes up, in the bearing and the gearcase, to allow the oil to get into the bearing. I believe it is also to keep the bearing from possibly spinning in it's seat. Most likely what happened, someone stighten the lower unit halves down and didn't have that bearing cap aligned with that pin and it got pressed deeper in it's hole, as a result. This happens a lot. If you look carefully around your bearing cap, you'll probably find a small indentation, from that pin.