Well....I kinda sorta figured...that you'd be posting this...lol...
Anyway, been there done that. When I got my '88 H-200 in 2002, it would shift into fwd & rev, but would not shift from rev to neutral, without shutting off the engine. I took it to the best OMC shop around and they basically just removed the drive, cleaned out the crud that builds up behind the bell crank in the pivot housing (the part of the transom mount that the drive bolts on to) and adjusted the cable. It was fine, till about 2013 when the remote cable adjustment changed slightly and then it wouldn't fully engage rev. Most Cobra shift problems are a result of a sticky transom shift cable (needs to be replaced then), crudded up bell crank (easy fix) non functioning ESA (previous owners messing up OMC's nice design trying to make it work like the inferior Merc system) to high idle speed (should be no more than 600 rpm).
What to do.....
Well you can do a few tests on land first. Get someone up at the helm, to work the remote control for you. Put the drive down and level.
With the engine OFF spin the prop while they shift it from neutral to fwd, and neutral to rev. You should feel the prop lock in fully in each gear. If it ratchets then the adjustment of either the transom shift cable, or the remote cable is off.
To narrow it down, you can disconnect the transom shift cable at the bell crank on the engine (on your model it should be the lower of the 2 cables on the starboard side, the upper one in the slotted end of the bell crank is the remote cable). Now repeat this test, but shift it with the cable disconnected, and see if it locks in. If it does, then your remote cable adjustment is off. If not then you still have a transom cable/adjustment problem and the drive has to come off.
One other thing. If you run it in neutral and try to trigger the ESA (two little switches on the shifter assembly on the engine, the one with the metal lever on it triggers the ESA and should lower the idle). This is what allows the clutch dogs to release, so when you move the shifter to neutral, the fwd or rev gear actually releases and you get neutral. You need this to work because on the water, the force of the water against the prop and the way the gears and clutch dog is made, they will tend to stay engaged.
If the ESA does not stumble the idle, then you have to troubleshoot why.
If the drive is not shifting fully in to either gear, same thing.
Sounds to me like the drive has to come off.
Look at this:
http://www.midnight-wolf.com/OMC_Instal ... tions.htmlSome models had the slotted end of the bell crank on the engine facing up, (mine) some had it facing down (earlier ones) pick the one that matches your boat. I know its confusing but read through it several times.
I'd pull off the drive and first measure the shift rod height. That has to be right. Then have someone turn the driveshaft clockwise and try to manually shift the drive from neutral to fwd and rev using the shift rod. Look at the prop shaft while you do this. Make sure it is turning the right way in fwd and rev. If it will not shift it has to go to a shop.
Next, look at the bell crank in the pivot housing, if its all crudded up behind the bell crank, clean it out and pack that area with OMC triple guard grease. I would buy the tools on this website and check the cable drag (use a fish scale with the cable disconnected at both ends, less than 2.5 lbs both directions full travel). If its more than that, you need a new cable. More work but that's what needs to be done. If its OK, then use Midnight Wolf's tool to set up the cable, then go and adjust the remote cable too. Re-install the drive, and re-do the spin the prop test to check your work. If this is all good, the ESA stumbles the engine when manually tripped, and the idle is not more than 600 it should shift right.
I know this is a lot to absorb, but that's what needs to be done. You can't run it the way it is for sure. So its either find a shop that knows Cobras, or do it yourself.