Hello all. Here's my report. I thought I'd sent it a few months ago but for some reason it didn't arrive.
Here's the business end of the puller.

The puller consisted of:
· A length of ½” threaded rod
· Nuts for the above
· Suitably sized washers to bear on the copper tube (although I ended up not needing these as explained below)
· Ditto to fit inside the copper and bear on the cutless
· Ditto to bear on the gal pipe
· A 40 cm length of 1-5/8” gal pipe, with ID just large enough to fit the copper (which was 38.5cm long) as it slid out
· Wooden “donuts” to help keep the rod centred in the tube and puller pipe
I tried to extract the cutless first, but it was so tightly fitted that the stern tube came out with it. This was actually a plus since the inboard end of the copper was in pretty bad shape, as shown below, and likely would have collapsed under the puller force. You can see below the hole in upper LH quadrant of the tube.

Winding the puller nut took a lot of force. A squirt of WD40 on the rod helped. I had to double up on the washers as shown in the first photo as using one meant it distorted under the load. I also had to fit locknuts for a second spanner so I could stop the rod from turning (see below).

Here’s the old stern tube after removal. Inboard end to the left, prop end to the right. No explanation required!

I was delighted that it all came out so easily.
My Plan B was to blow hot-air through the tube to soften the f/g slightly and then try pulling again.
Plan C was to attack the tube with a recip saw, making cuts at 120o intervals then using a long screwdriver as a chisel to collapse the segments inwards. It was a great relief to not have to resort to this.
Once the tube was out, I cleaned up the bore with a 40mm flapper wheel on an extension shaft.

It took about a dozen goes back and forth before the new tube would go in under hand pressure with no side-play. Once both the bore and the tube were coated with epoxy the lubricating effect made it slid in very easily.
After that it was just a matter of inserting the new cutless, with a smear of epoxy, and then reassembling everything. And of course I need to do a shaft realignment.
RE cost and time: actual work time was probably 20-ish hours. Materials came to around $300 (copper, cutlass, bits and pieces), 4 days on slip (including one non-working day). If I did it again I reckon I could knock it off in 2 days.
Cheers, Graeme