What is wrong with the old packing?
A properly adjusted packing will have about one or two drips/minute while the shaft is turning; none with the shaft stopped. That drip rate hardly creates a problem with water in the bilge -- it mostly evaporates before ever reaching the bilge pump (unless you operate in very high humidity).That little drip is necessary to keep the shaft/packing interface lubricated. The technology is well understood, simple, and cheap. Packing materials are cheap & relatively easy to change, too.Mine was out of adjustment for a while last year & I was getting one drip every two seconds. Even that high rate didn't create a problem for my bilge pump. The fix invloves use of a special adjustable wrench (about $15 I think) to loosen the lock nut near the transmission end, tighten the packing nut next to it, and then re-tighten the lock nut.--RonD