There are two bolts associated with the brake band. A small secondary bolt holds a wire clip around the primary, larger bolt preventing it from turning due to normal engine vibration during running (you go thru all that effort getting the primary bolt set correctly, and you don't want it to turn, right?). The primary bolt, as just mentioned, is what adjusts the tension on the brake band.
Right now, you have one, perhaps two bolts and maybe a spring hanging out in the bottom of your oil pan. Certainly not an ideal sitiuation, and there is the potential that while motoring in rough conditions, those items could jostle around enough to get in the way of the crank which would certainly cause catostophic damage.
My advice would be to join Don's forum and pose your question there. There are many knowledeable members, and Don will likely chime in himself to help you assess your situation.
If it does require pulling your engine, know that doing so is not as intimidating as it sounds, and I'll be happy to offer my suggestions that worked well for me (I can get my engine from the boat to the bed of my pick-up in about 45 minutes). Once pulled, it's a reasonably simple matter of removing a couple of housing components (flywheel housing and oilpan), retrieving the bolts and putting them back in their proper postion, replacing a couple of gaskets, reinstalling the housings and then reinstalling the engine. I know it sounds like a royal PITA, (and is, actually...
), But you could feasibly be able to do this in a weekend.
Other consideration is that if you're going thru all this effort, do a compression check prior to doing ANYTHING else, and deterimine if more extensive work is necessary. Will be happy to explain this as well.
Sorry you have to deal with this, but you will learn alot about this and build your confidence and ability by dealing with it. As sailors, at some time or another we've all been there, or are going to be, again...
Let us know what Don says.
John