LOL! That's exactly what I was thinking too, that would be cool! it's up to you. Being a retired pipefitter, a good pipe thread should spin up 3 turns by hand, or a bit more. If cut too shallow it will be tight, I hate to work with a tight thread, but depending on the guy making the thread, sometimes it happens, and you have no choice. Normal Pipe compound will get messy, sticky, & maybe bind up on you, I'd suggest teflon tape, (2 full wraps) on the thread, in a clockwise direction (with the thread), will make the thread slippery, & easier, to put together, & take off later (if need be), it might cook off some from the heat, but that really shouldn't be a problem.
As an afterthought, IMO, I was thinking you should remove the springs, or tighten them up on the shift shaft, outboards, & I/O's like to be put swiftly, & firmly, into gear, or they get messed up. The springs have a tendency to dampen the action, and or, slow the process down some, I think it should be a solid shift, that's why I mentioned the eyebolt, or swivel (ball joint) on the shift shaft originally. You could even use a clevis, or a shackle, of some type with a pin thru it, that would give you a solid, but hinging, push, pull, effect, If you could find a way to put it on? I've seen some in Ace hardware that were threaded, to go on a threaded rod. Just thinking out loud here, so be it, do what works best for you,,, later Mike