Re: OMC Cobra Noise from outdrive
I check the adjustment every year when I pull the outdrive for servicing. I missed a bad place on the bellows this time however, and got water in my drive last weekend. In my case I think that is what caused mine to slip since i had water around the shifting mechanism, resulting in increased resistance to the shift cable. I knew about the problem because of the very thing you describe...the "clunk". After one time, I pulled my boat out of the water. So, I think we're both in the same situation. I'm replacing my bellows and readjusting everything and hoping for the best, since the alternative is more $$$ than my whole boat is worth (at least in money. It's worth a lot more than that to me)
I've had my lower unit gears replaced before, for about $800, but that was back when OMC was still in business.
Since I had no sign of any metal on the lower drain plug magnet I'm hopeful. Good luck to you. You could always take it in and have someone check the clutch dog if you want to be sure. Not sure what that would cost...could be pricey.