Don't know what happened but first post didn't take. Here it is again.
The OMC shift has been a major pain for OMC owners and techs. Here's a pretty concise explanation for how it works and how to get working again.
http://www.funkopolis.com:8080/~stuart/cobra/
Of particular importance is the shift cable, gear set, ESA module, and effort at the bellcrank. It's more of a process to go through the whole thing rather than simply turn a screw or adjust a cable barrel. Starting with the hydromechanical shift of 78', OMC has been plagued with troubles. The Cobra, however, was mostly troubled by its shift cable and early gearsets.