This will have to be my last post for a day or two because I'm having surgery in the morning. But "AH'LL B BAHK"!
http://www.boats.net/parts/search/H...20D3 SRTA/GEAR CASE EXTENSION CASE/parts.html
The link above depicts the gear case separated from the extension case. The reason I send you this is that it shows the 5 bolts you need to remove to drop the case. There are 4 bolts up front (items #12) and one bolt in the rear, (item # 15).
But, before you remove those bolts, you need to uncouple the lower shift shaft from the upper shift shaft.
You must shift the outboard into reverse to expose the shift shaft connector nut and the jam nut that keeps it locked in place. You have get low and look for the shaft at the front of the gear case. Once you locate the nuts, you need two 10mm open end wrenches to hold the connector nut and loosen the jam nut.
Once the connector nut is loose, turn it clockwise so that it travels upward on the upper shift shaft and eventually releases the lower shaft. Once that is done, you may remove the 5 bolts holding the gear case and wiggle and pull and work the gear case away from the extension case. The mainshaft will slide out with it and you may need to tilt the outboard up to make it clear. You will then be able to work on the water pump.
Refer to the link below for items 11, 12, 13 and 30. Those are the upper and lower shift shaft sections and the connector and jam nuts.
http://www.boats.net/parts/search/H...SRTA/WATER PUMP VERTICAL SHAFT (1)/parts.html