So a little help please..!

As said, mark the shaft and coupling and see if it is turning in the coupling. The coupling would also get hot if the shaft is turning within it. I am inclined to agree with the theory that the shaft is clamped into a taper. Photo's of the coupling would clear this up.
 
Ive ordered a non contact tachometer which will be here tomorrow. I'll go back and test again. I'll also take some photos of the coupling etc.??
 
Not sure how long you have owned the boat, but this gearbox ideally should have oil and filter replacement each season.
I believe that it is a multiplate clutch arrangement on each gear.
You may have a slipping clutch.
If someone can drive the boat at the engine speed when you lose drive and check the shaft speed against engine speed this will confirm if it's slipping (2:1 ratio).
As suggested before simply mark the coupling against the shaft to check for internal coupling slippage.

This is of course presuming that you have the oil at the correct level, not overfilled.
 
Not sure how long you have owned the boat, but this gearbox ideally should have oil and filter replacement each season.
I believe that it is a multiplate clutch arrangement on each gear.
You may have a slipping clutch.
If someone can drive the boat at the engine speed when you lose drive and check the shaft speed against engine speed this will confirm if it's slipping (2:1 ratio).
As suggested before simply mark the coupling against the shaft to check for internal coupling slippage.

This is of course presuming that you have the oil at the correct level, not overfilled.
Thanks, I have a laser tachometer arriving so will check. Ive had the boat 3.5 years, and (stupidly) I don't think the oils ever been changed. ?
 
If it is slipping I would replace oil and filter, also check oil pressure before removing gearbox!
 
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