How about a fluorescent light tube??? It's just a few 1000ths too small. I can sand out that much and custom fit the cutlass bearing.
,So, you wrap PVA on the light tube, roll on a couple layers of glass mat along with a layer of peel ply and lay it in the sun to cure. Then you smash it in the dumpster and dissolve out the glass and PVA with water. ... Next step ...
Two layers of 17 oz biaxial and 2 layers of 2 oz mat then spin it in the lathe to make it true, vacuum bagging every lay up, and do it again ... and again ... and again until the tube is 1/2 inch thick.
Then you get really brave and bore a big hole in the back of the boat. There's no turning back now ! ! ! !
I welded up a special boring bit so the hole would stay straight.
An hour or so later, I've cored through 8 inches of glass and the new tube fits perfectly.
After taking careful measurements, I only get one shot at this, I mix up thickened resin and slide the new shaft tube in place. Now to sand off some barrier coat and fair it
All faired out and painted with Micron 66 bottom paint. The 3-blade prop will turn farther away from the hull as original design so it won't be a shielded by the hull. Also, with a 3-blade vs a 2-blade there are always 2 blades un-shielded for propulsion ... especially in reverse.