Bill, it is the shift rods that are connected to both the engine and
your lower unit that is your problem. You need to remove the cowling
that covers them.(Six screws). Then loosen the stop nut (7/16" or 3/8"
wrench); this will allow you back off the long hex coupler that connects
the upper and lower shift rod.
Be careful not to let the lower unit drop too fast! Also remember that
when you reconnect the shift rods the hex coupler is your shift adjustment.
Good luck and good boating,
Jim
Bill wrote:
Greetings! I could post a picture of the outboard if that would help -
I'm really stuck 
Bill wrote:
Hi all.
I'm going to attempt to replace my impeller on a 74 Chrysler Magnapower
55 horse outboard. I removed all of the bolts holding the lower unit to
the motor, but it would only come down about 1 inch. I'm sure I'm
missing something, but I'm not sure what - any suggestions?
Thanks,
Bill