Thank you for the link! That packing does look like the ticket. I don't really know how to tell when the packing is shot. I was able to adjust it this weekend where it didn't leak when engine was off or in neutral...but when the shaft is spinning in forward or reverse, I can see a wet ring just forward of the nut. This was repeated a couple of times while tied up in the slip and I dried everything up in between tests to make sure I wasn't just seeing residual water. However, I never did see a repeatable "drip per minute". The adjustment was done by hand and only amounted to maybe a 16th of a turn tighter. I tightened the jam nut while holding the adjusting nut with a good pair of large channel locks. My thought is that the wet ring is telling me water is lubing the packing against the shaft.
Unless anyone thinks differently, I think I got it adjusted about as good as can be. Please chime in if you don't though. I am pretty new to this.
Thanks,
Nate
