hi looking at the shaft log i have ....stuart turner,, now where it bolts to the dead wood on the back of log it has little swirl tubes where i guess water flows through but when i USE a gasket or sealant it blocks that part up. pics to follow.
If it is the outer bearing housing then you can clean the sealant out as you assemble the housing onto the tube. They are not critical on low HP installations as plenty of water should come in through the flutes in the rubber bearing. You can still get the rubber one or you can have the housing modified to take a modern cutless which needs to be reduced in length to 3 5/8". French Marine, I think do a conversion kit.