Hi Tim(?)
The ratcheting referred to is in the gearcase, not the propeller hub. The hub assembly should be 'solid'. I have fitted many of the Flo-Torq II propellers, and I have never had any with movement between the hub and the shaft. If the right thrust washer is used, the thrust washer, the brass sleeve, and Delrin sleeve and the propeller itself become 'one' with the shaft.
A common misunderstanding (understandable by anyone who has not pulled a gearcase apart) is that shifting engages and disengages the gears. It doesn't. The gears are ALWAYS engaged/meshed. What shifting moves is the dog clutch. The dog clutch is splined on the forward part of the propeller shaft, and slides along the shaft to lock into its receiving area just inside the actual teeth of either froward gear or the reverse gear.
I have found a cut-away of a gearcase, You can see the clutch moving on the shaft. The ratcheting is because the 'backside' face of a Mercury clutch is ramped (unfortunately the back side of OMC clutches are NOT ramped, so no ratcheting), and in an 'overrun' condition the clutch can slide up the back and click over....
Have a look at this....
Chris.....
I also found a nice picture of a Mercury dog...