hi all
firstly I am like many others - I use a mixture of grease with either a drop of 3 in 1 oil mixed in with it; or, a touch of gearbox oil but I dont fill the prop tube right up. I only put about 1/2 inch of grease in and then load the shaft through the tube - run the prop shaft and run the shaft n motor in open air/under no load for about 10 - 15 mins. I then remove the shaft, wipe excess grease off and then replace it. Done that on many a model over the years and never had any problems.
What you need to careful of is if you put too much grease into the prop tube - that would cause drag.
When I was working at Formica - we used to have a machine called the Steinemann Sander and we had problems there with what they call the main contract drum bearings over heating and burning the bearings/rollers out. After we had replaced 3 - 4 sets we decided to call the manufacturers in - as we had done what was in the instructions. (i.e. putting a new bearing in and filling it with grease).
Anyway when the manufacturers engineers came - they replaced the bearings - they only put a fingertip smearing of grease on the new bearing around the rollers and what we were doing is literally filling all the bearings with grease =- i.e. as you would on MV Hibernia supertanker's main prop shaft bearings which went out of the River Tyne when I was working at the dockyards

another story....
Consequently too much grease in the bearings at high rpm was causing them to heat up and overload and seize.
aye
John