Probably not going to race it no, but the rules that clubs follow state that engines must be able to be shut down via the radio.
To line it up, you would need to mount it firmly in perfect alignment to the shaft and engine, if it is even a fraction of a millimeter out it will vibrate. Second vibration point, the engine will vibrate in it's mount, at low speed engines move more in their mounts due to the lower frequency. This will try and take the reversing unit with it, which of course it cannot do, so you will break a shaft or connector or worse do in the bearings in the engine. So you will either break part of the engine / reverser, or crack the hull around the shaft.
You are more than welcome to try if you like, don't blame me though if you waste your money ending up breaking things. Proteus you are more than welcome to come have a look at Wiki park at how much one of these engines vibrates.