You can run it, but its not going to perform well. This plate prevents the prop from pulling air and also helps the motor to "lift" and get it on step. If your using it for a slow speed kicker or troller, and it is deep enough into the water, you can get by. I would say check shaft, like Pappy recommends. If prop has been replaced, it could mean a bent shaft. Looks to me like some strange accident caused this damage. If you could get it to Duluth, I could make it like new 4 you but gonna be a couple C notes. Here is a 135 Optimax I rebuilt last fall. It also had a bent shaft. Paint is base/clear automotive epoxy.