My preference is chain couplers for the shaft and spin on wire mesh strainers with a bypass head for suction side use.I'm pretty hard-headed, so I'd try to make the existing system work. After all, a similar system works on my L35. As @North Idaho Wolfman says, you might want to use something other than the rubber. At ~3000 rpm I'd be concerned about the shaft whipping and the rubber being too soft to restrain it. The L35 uses thin fiberglas disks. Thin steel disks, think shim stock, is used on commercial couplings, several pieces clamped together.
First, check the alignment of the crankshaft and pump shaft. Has something maybe cocked the pump relative to the crank? Is the length such that it doesn't put too much tension or compression on the disks?
Consider a filter or strainer on the tank outlet/pump suction, especially since you've had a prior problem. Filters are available at TSC et al; they are usually used on the tank return, but I think one would work on the pump suction like Kubota does.
Dan
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