HI Dave, there is no problem, you by a brass end M4 thread, a universal joint and a brass end to fit the motor shaft, brass ends into the U/J and fit shaft and motor in near perfect alignment. You do this by locking the U/J and sliding the shaft / motor assembly into a pre prepared slot in the hull, shown on the plans, to lock the U/J, I cut a short piece of 12m copper pipe in half length wise fitted round the U/J with a hose clip to keep it all straight.
Depending on the plan, the hole in the keel will be at to steep an angle, this was designed for an I/C engine, try to lower the angle of the shaft to approximately 20% decide what diamiter prop then allow 10mm clearance from the prop tip to the hull bottom, this will give clearance if you fit a larger prop
A superb place for advice and the bits you will need is Anglian Model Center, Great Yarmouth, the guy who owns the place is a boater so he will direct you, a lot of the stuff you see on Ebay coms from him, trads as AMC.
Hope this gives you a start
Regards
Mark