I started by putting a socket wrench on the one remaining bolt holding the stern tube to the deadwood. With about two pounds of pressure the very top portion of the head of the bolt disintegrated. Out comes the Dremel Tool to cut off the bolt which went smoothly but not the way I wanted it to do this. Once it was ground down and looked like the other broken bolt I tried to pry the stern tube out of its hole. I could get it to move about a 1/4" and when I let it go it would snap back in as if it were held in by something rubbery. I knew then that I was going to have to remove the rubbery devil's caulk.
I spent the rest of the day, about five hours, laying on my stomach on this board scraping, cutting and cursing.
This is the point at which I was able to pull the stern tube out. Four inches of thiokol removed.
And the stern tube. You can see that is had a black rubber gasket around it aft end which reacted with the thiokol. It also had a large amount of what I think was burnt oil which I found to surprising.
With the tube out I returned to my oh so comfortable board to remove the rest of the thiokol. After a couple of hours fighting this stuff I decided to just take out what I needed to in order to make future stern tube repairs. It is not a perfect job but by this time my hands were killing me. I may finish talking the rest out later but this is what it looks like now.
I have all winter so maybe I will find a reason to punish myself and get back in there and get the rest out.