Hi and welcome to the SeaDoo forum.
It's been a long time since I've heard "sheer pin'. Probably most of the guys never have heard it. SeaDoo's don't have sheer pins. For guys who never heard of sheer pins, old outboards used them, when you hit an obstruction the sheer pin would break to save the prop. and the lower unit, they have since been replaced by an internal clutch. I can remember when I was a kid, being out middle of the lake, having to paddle to the bank, and my Dad cussing the motor and changing the sheer pin. That's the history lesson for today.
What you've got is a problem known as cavitation, the most probable cause is a worn out wear ring. Check the clearance between the impeller and the wear ring, should be no more than .040". Also check for gouges and missing pieces. What happens as the wear ring wears the impeller looses suction and air gets past through the gap between the impeller and the wear ring.
Hope this helps, you can download a manual from this site if you become a premium member. Or you can get one from another site.
Lou