Les,
Switch to WPT Dripless Moldable Packing! I installed a kit in about 1998 and have a DRY bilge ever since. Well, unless I spill my coffee....
With a 1 inch shaft, I used one half a kit and still the half left. After install, I snugged up the nut until ALL dripping stopped. Then ran around the SF Bay for 30 min at almost full power and the nut was still cool enough that I could hold my hand around it. During the years I even had to replace the prop shaft and just used the same packing, and still no leak!
Greg