Does anyone know what the part is in the attached pic? I removed the lower unit on my Mercruiser 5.0 alpha one yesterday and two of these small plates fell out of the upper unit. I can't find them on any parts diagrams and don't know how to put them back in. Any help would be appreciated.
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first, welcome aboard
second, as indicated above, those are the remains of your exhaust shutters.
your motor was overheated and run without water and the rubber parts of your flappers have burned away.
you need to replace them. and while you are at it, inspect all the other rubber bits in the exhaust system as they will have been burned by exhaust without cooling water