There is a special, extra-deep socket that Mercury sells for removing the impeller nut. As I recall it's about $75. Some people have made their own by welding a couple of sockets together but I don't have any info on that.
There is no "nut" on the impeller shaft, but there are two flat spots accessible by removing the intake grate. You'll need to secure the impeller shaft from rotating. Mercury sells a special tool for that too, but most people just use a long open end wrench of the proper size.
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