That would work too. The stub shaft centre line is in line with the main shaft centreline. The threads in the main shaft are about 2" deep. The stub shaft is ss as mg brze rod not available so the threads are HEAVILY Antiseize coated. No cotters.
You work with what you have. To change for me would be a new shaft since the length is not present to do as your is done. Since mine is now 39 yrs. old and my setup was used in thousands of fish boats here it has stood the test. It is no more complicated than yours.