Someone on iboats did it that way, but you have to be careful, have a spotter watching for you. Believe it or not this also happens with outboards, the driveshaft splines can rust into the powerhead and if you can't get it off, you wind up drilling a hole through the mid section, and cutting the driveshaft with a sawzall. Then you have to replace the midsection, driveshaft and remove the power head to get the stub of cut off driveshaft out.
If you R+R this thing every year, and grease the driveshaft splines with OMC/Bombardier/Evinrude triple guard grease, you will not ever have that problem again. On the Volvo, the other place where they can get corroded on is right where the mounting studs come out of the pivot housing. You put a nice coat of the same grease all round that area to prevent the drive from corroding to the pivot housing. The OMC design (that Volvo copied) has a gasket there so it does not corrode.
One thing Merc has that OMC/Volvo does not, is a grease fitting on the coupler, that would at least allow you to grease the coupler splines if you could not get to pulling it off one year. If you can even reach it back there lol.
I can say that after one season, the grease I put on the driveshaft, is almost gone. This is why you need to do it each season. The constant sliding in and out, just uses up the grease and then (probably at the end of 2 seasons worth) there is no more lubrication.
I mention this, because even you fresh water trailer guys, are tempting fate if you never take it off. Keep in mind that grease on the splines, gets used up. Then you have moisture and condensation (just from the air) and corrosion follows. Because unlike the clutch pressure plate/input shaft on a stick shift car that you drive often, this driveshaft splines/coupler does not move for months on end when the boat is stored, so the corrosion can really take hold.
PS here's what it looks like re-painted. Yeah one day I will get ambitious and strip it all down. 15+ years of being moored in salt water. If you do all the maintenance they do last.
https://www.dropbox.com/s/f6777spyd01u8 ... +Cobra.JPG