i too run a long shaft on my boat ,as i use the same engine on my hard displacement fishing boat,,
you say your boat is a sailing boat.. a normal longshaft should be ok but i would draw the line with an ultra long or extra long saildrive engine .
down sides and depending on the type of engine and tohatsu seem the worse as there is a flat on the leg ,, though some boats can get a lot of spray kicking up and back into the boat and a slight drop in speed also the engine is going to be 5 inches lower so it means that the engine will have to be tilted up sooner when running in very shallow water and if you pick up a plaggy bag or diver in the prop you will have another 5 inches or so to lean out and clear the prop ,,advantages are that the engine wont airate or cavitate as much if going over big waves or in tight turns as the prop is always below the water ,
to stop the spay side of things i just cable tie some thick rubber spray deflectors on the leg above the water line and infill the flat on my leg with a shaped block of wood as in the pic below.
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