Nice, the Ocean 47 must be one of the rarest Bavaria models out there.
Unfortunately it's also unique in that it has a shaft drive, where all or nearly all(?) other Bavarias have Saildrives, so unless there's another 47 Ocean owner around here, you may (in this one instance) find more help at the YBW forums, where there are lots of (non-Bavaria) shaft drive sailors (in the PBO section), who will know all about P-brackets, cutlasses and alignment.
Good luck getting it sorted!