I'm assuming that "shaft holder" means the shaft log with the large adjustable nuts to control how tight the packing holds against the shaft. The log should be just tight enough to allow a drop every 10 seconds or so, BUT without allowing the log to become heated. If the packing material is more than a few years old it may well not be able to control the drip rate appropriately. If this is the case a new packing will need to be installed. This can be done without pulling the boat if you know what you're doing. Otherwise pull the boat rather than risk sinking her.
There are two layers of packing and the split joints for each should be placed 180 degrees apart.