I bought a boat ready built, it is a Dumas Chris Craft 1930 runabout and the propshaft is well below the waterline. The Dumas shaft is a plain brass tube with a stuffing tube and a 3/16 shaft running in it. There is noticeable play in the shaft/tube, when the boat was demonstrated by the seller we had a minor problem with the coupling being loose and it was quickly tightened, I bought the boat and tried it out at our club lake. It let in about 2 dessert spoons of water in a 40 min session. I made a few changes, one of which was a short length of fuel pipe on the shaft, reassembled and the next time it let in less than half as much.
I have just changed to brushless with a new shaft (same tube) and coupling. The old setup was badly out of line due to the size of motor fitted. The new setup features a very adjustable mount and the alignment is just about perfect, with a plain coupling fitted the shaft could be slid into the tube then into the coupling without any binding. The plain coupling was swapped for a heavy duty rubber variety and the prop and shaft were assembled and packed with Molykote 111 Silicon grease, with the familiar piece of silicon tube stretched over the shaft. On its last outing it ran much sweeter, with less noise and no water leaking at all. The idea of using a short (4mm approx) length of silicon tube slightly compressed came from elsewhere on the forum and is very much appreciated.
Hope this is of interest.