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I removed the pin holding the rudder of my 82' 7.3 this summer using a hammer and nail set. The pin is tappered and comes out in only one direction. It has some notches that run along the side, which compress when you drive it into the shaft. If you look closely, you should be able to see these notches on one end of the pin, this is the end you should be hitting. I used an ample supply of 3 in 1 oil during my effort (I don't think the rudder had ever been dropped on my boat) and was getting a bit frustrated prior to success. My boat was out of the water, which made the process much easier.
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