Some Say No for a reason but it is outdated. My 49 through 51 Mercury Overhaul Manual has a statement about not using gear lube with high pressure additives. They used a form of sulphur as an additive in those days that was reactive with yellow metal (bronze/brass with any amount of tin). Modern GL5 grade lubricants used less reactive additives and have for a good many years. There should be no problem using the late type lubricants other than possibly more seal leakage due to less viscosity. You can still purchase straight grade SAE GL1 type lubricants but they are increasingly harder to locate. If you have a nearby lubricant sales outfit that is a dealer for Lubriplate products, you can get them to order GL1 grade lubes in several viscosity levels.
Kerby