Controlling temperature is the most important component here. You have the right plan. Get an infrared heat gun and start monitoring it. You'll find a sweet spot. After that it's a good idea to check it occasionally.Only one thing to consider ............................. what is the temperature of the gland nut when running at operating speed ? Adjust accordingly.
There are different opinions on this. My opinion is that it's useful to have some drips to keep a small amount of water moving through the system (for oxygen) and to avoid a bubble building up in the gland (which can create a lot of heat). I know that Ralph has mentioned in the past that he has good luck running his bone dry with more modern packing materials.