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You should remove the original Mercury nut. A couple of large wrenches will be required. The Steersman nut replaces the Mercury nut to hold the tilt tube in place. But to get the original Mercury o-ring seal out, you will have to unscrew the steering on the starboard side, disconnect the link arm, turn steering rod all the way in, and back the cable out so you can access the o-ring. It can then be pried out.

Then re-screw the steering on the starboard side, and you can work grease into the tilt tube by turning the wheel back and forth. Then slide the steersman nut on, and tighten down.
the link arm can then be reconnected.

Now you will have a system that allows you to service and re-grease the steering anytime it's needed, and will never freeze up. Replace the Steersman o-ring if you see the steering rod accumulating exposed grease. To keep the steering rod well greased, now all you have to do is unscrew the steersman and slide it out to the link arm connection, work grease in behind it, and re-attach.