Graham, regarding the problem you had with corrosion, I assume you are using steel rod for your prop shafts, or even brass, which will corrode in time. I have made it a policy to use stainless steel shafting in all my models as we sail in salt water. I use outboard motor grease as a lubricant, and have had no trouble with water accessing the hull through the prop tube. As I mentioned in a previous post, I make all my own prop tubes, and silver solder a greasing tube in them. In a recent modelling magazine, there was an article on shaft lubrication in which the author suggested that grease was not a good option, as it creates friction. I have experienced no problems in this regard, as all my models are relatively slow, but I imagine that friction would be a problem with high speed boats.
Peter.