Ron:If you have never replaced the packing, I would suggest that you have it done and watch the process.If you just need to adjust it, it is best to do it in the water to determine if you have stopped the leak or not.
I have replaced mine in water several times. You really don't get that much water coming in. Make sure you cut the new packing to size before you remove the old. Find someone who has done it before to help you the first time.
You could get flooded, and quickly. Only way to be sure is to unwind the big brass nut and see how much water is coming out. If not too bad, proceed. If too much, screw it back up and wait till you're hauled.
A few years ago a professional diver changed out my stern tube in the water. He showed me how to stop water from entering the boat at the shaft thru hull. What you do is take a thin piece of cloth and a long flat screw driver and dive and force the cloth into the space between the saft and the stern tube it goes through. On lake Erie this time of the year, I would wait until you pull the boat for the winter and change out the packing when on the hard.
There is a quick and easier solution here.Back off the nut to expose the packing after cutting ONE ring of new Teflon flax of the appropriate size. Use the typical WM flax removal tool but take out only one ring - barely any water will get in - then re-pacj with the Teflon flax using a dab of teflon grease.Change it all out after the boat is hauled.
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