Les,
I have never used it like that. But it would seem to work in any application that normally used packing. My only hint would be to make sure to use a lot of the grease (that comes in the small can with the packing) on the shaft.
Also, for my shaft I first put in one (1) wrap of normal SMALL (for our 1 inch shaft I used 1/4 inch) packing, then the moldable suff, then another one (1) wrap of packing. Then the nut to snug it all up.
I keep checking it often thinking that it just has to be bad by now. BUT, it keeps on working.
Greg