Easy
I've backed the packing nut off completely while in the water - water does come in at a slow trickle - no gushing. Should be able to change out the packing in the water without a problem.That said, I did mine before launch last season. It was only 3 seasons old, but I had no more adjustment room. Soak the lock nut with WD-40, let it sit for a while. Use 2 good sized pipe wrenches to break the lock nut free if necessary. I bought a cork screw-like tool on a flexible shaft at West Marine. Easily pulled out three rings of packing. Cut 3 pieces of the teflon-flax packing to fit around the shaft, using angle cuts on the ends. Put the rings in one at a time, with the cut ends offset from each other, and tighten everything up.Piece of cake.