This question comes up often enough, and removing the shaft from the flange is difficult enough, that I've decided that the next time I need to change out my cutless bearing I'm buying that tool, using it, and then renting it out for $50 for two weeks at a time.
Quite confident that that the proceeds from this venture will fully endow my Beer Fund through retirement.
My bearing is only about four years old right now and I don't anticipate replacing it for a long time. So, if anyone would like to beat me to this business model, I would gladly pay that individual the $50 rental fee for two weeks when the time comes and pay for my own beer.