No worries mate!
By flex shaft he would be refering to the flex cable, I remove this from the snippers that I convert. Basically its a spring steel cable pressed square at each end which passes down the centre of the snipper shaft/tube and transfers the drive from the motor to the snipper head.
Im guessing by pillow block bearing he is meaning a support bearing around the middle of the shaft?
Normally you wont need one of these as the brass stuffing tube we use for the flex cable to pass through will only allow for minimal movement. Although you will need to support the stuffing tube in the hull to stop movement a possible failure.
You might want to double check with him as his description is puzzling.
COG is the point of balance(front to rear) most hulls will be set anywhere from 28 to 32 percent of the hull length from the transom(rear) depending on hull design and engine power. Improperly set this will result in a boat that will not get up on a plane(too far foreward) pushing the nose down or if too far back flipping the boat at higher speeds. COG is usually set once you have all the radio gear and hardware on the boat, the last thing I do is mount the motor as this is the heaviest part and can then be positioned to obtain the proper balance. Once mounted you will then be able to measure up the flex cable and cut it to the correct length for your drive and install the stuffing tube etc.
I will see if I can get some pics for you as it much easier to get the idea that way.