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Helps keep water out of the LU oil. Normally, while under way under power, the oil and gears get pretty hot ... when you slow down coming back to the pits or while waiting to be lifted out of the water, the case cools down and sucks water in. With a vent can, there never is vacuum to suck water in.
At one point I was having water problems with my racing lower units and was starting to make a can set up. Before I competed the set up, I tested some high grade synthetic gear oil ... never had any more water intrusion ... never bothered to complete the can
Around 1987 I filed a Patent Disclosure for a system like this for standard service motors - even made some prototypes using MerCruiser parts, for all I know they might stillbe running on some commmerical boats in Florida. Never went anywhere, then this shows up at Hi Perf.
I have noticed that a lot of older vintage Mercurys were left hand rotation. All of the motors I have had were right hand rotation. When did they make that change.
...Kiekhaefer Mercury Model Year 1951...https://i.ebayimg.com/images/g/v3wAA...Ef/s-l1600.jpg