Here is what I did.
I wondered the same thing prior to changing the packing on my own 7/8th shaft setup. I made a small little shim of wood 3/16ths by 3 inches or so long, and one that was 1/4".Then I unscrewed the packing gland apart, water leakage was very very litle. I was then able to easily pull out the old stuff and then I slid in the wooden 3/16ths shim first as I suspected that would be the right size and it was. It fit in there just right.Then with a renewed confidence I drove to the Ships Store and bought some GTF and have never seen a drip since.