MoJetBoPar: Here is my input and someone correct me if I am wrong (I am sure someone will regardless).
As far as I know a velvet drive is for outdrives that do not shift (are locked in gear). It allows the boat to have neutral and maybe reverse?
You would need one with an Arneson drive, Merc speedmaster or TRS drive. I think they require quite a bit of HP to operate also.
I do not think a v-drive is the correct application. That one sounds like it was a good deal though.