"Sub" Ed's comment from the Moyer Marine forum is spot on. There is no reverse or neutral detent.
Following Don Moyer's instructions will yield a properly adjusted reversing gear. One note of caution:
When doing the forward adjustment, be absolutely sure that the adjusting collar is lined up so that the locking screw extends into one of the notches, and does not press against the collar. The ear holding the locking screw is a cast part, and it is very easy to shear off if the screw hits the collar before it bottoms-out.
That having been successfully done, it will still be hard to find neutral. My solution was to observe the shaft at the coupler coming out of the V-Drive and make small adjustments to the shifter position until the shaft stopped rotating. Then, I took a black sharpie and drew a mark on the base of the shifter and continued it onto the pedestal. Now, finding neutral simply means lining up the marks.