When I installed my Campbell Sailor I had a similar issue. When the PO installed a folding prop they butchered the stainless shaft, when fitting the prop, and cut off the portion of the thread with the cotter pin hole. Fortunately I was on the` hard when I did this swap. I used a Milwaukee cobalt drill bit and copious quantities of cutting oil. If you get the speed correct and the pressure on the drill just right it will drill quite well, even producing nice curly cuttings! Now doing that under water, I think, would be extremely difficult. A phosphor bronze shaft maybe, stainless could be a different story.