Re: problem diagnosis needed, no speed, smoke, low rpms
Since we're all guessing here...
Since it ran correctly in August, I'm more inclined to think it's likely not an alignment or cutlass bearing issue. Prop wrap seems much more likely.
How about the v-drive? Can you freely turn the shaft by hand when the tranny's in neutral? Is the fluid at the proper level?
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'85 BYB Vagabond 39