Hi,
If you are talking preload pin, then the bearing right below the water pump will have the taper facing downward. If this is correct then you hold the vertical shaft firmly down to seat that bearing while checking backlash. This simulates what the preload pin will do once the unit is attached to the powerhead. You will also need the correct backlash indicator to make the check.
Does that help?
Regards, XXXX
Marine Trades Instructor
Marine TQ, Commercial Transport IP, Master Technician, Instructor, 25 years experience