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See the two white dots on the lower 1/2 of the flex coupling? I believe that those are the shear pins. If you drill those out, it allows you to slip the lower 1/2 of the coupling a little bit off the lower shaft, making more clearance. I've never done it, but I've heard of a couple people doing it that way.
You might need to drill and tap a set screw into the coupling, to insure it doesn't slide on the shaft.
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