Asking around I find that it is actually common practice on leisure craft. But get a factor of safety of around 4 on the set screw shear strength ( design to fatigue at around 25% of the max thrust load ) and drill a decent receiving dimple in the shaft and make sure you assemble it properly and then use two of them, the 2nd is the backup don't presume load sharing. Be aware there's a risk of the shaft pulling out of the boat in reverse if the set screw(s) let go. Hence the retaining ring CDK was suggesting or the nut I wanted to snug the whole coupling onto a shoulder.
I've seen a few set screws that failed from axial loads and another clamp type coupling that pulled out of a sailboat coupling recently after wrapping a rope around the shaft. If you are lucky the shaft stays in the hole but usually it drags straight out and the boat starts sinking.
I guess we'd better state here that all this is presuming the shaft and couplings are all engineered for the job.
[edit added] Just a thought. Another method used in low power couplings to both retain the hub axially and to provide torsional coupling...... is the 'offest bolt' . You can also put a bolt right through the coupling and shaft.
I've seen a few set screws that failed from axial loads and another clamp type coupling that pulled out of a sailboat coupling recently after wrapping a rope around the shaft. If you are lucky the shaft stays in the hole but usually it drags straight out and the boat starts sinking.
I guess we'd better state here that all this is presuming the shaft and couplings are all engineered for the job.
[edit added] Just a thought. Another method used in low power couplings to both retain the hub axially and to provide torsional coupling...... is the 'offest bolt' . You can also put a bolt right through the coupling and shaft.