Re: 1984 merc where part goes
Its shown as Item #35 in the attached diagram, and site just above the water pump on the driveshaft. Its just a soft rubber disk.
Purpose it do keep debris from getting into the upper water pump seal and causing damage over time. It 'slings' away particles, becuase it is rotating with the drive shaft. Also has the advantage of keeping upward water spray to a minimum in the event you had a seal ailing on the pump. With carbon steel drive shafts it helps reduce corrosion, but with the stainless ones we have these days (including your 1984 model) its less of an advantage.
Hope that helps.