If you have lots of patience and are "handy", this is a job that can be done in a hour. The stuffing box will leak a bit after the packing nut is backed off, but nothing that the bilge pump can't handle. A rag wrapped about the shaft reduces it further.
Getting the old packing out of the nut is the toughest part. I made a tool from a long deck screw with a Tee handle welded to the end. Once the old crap is out, cut a new ring that fits neatly around the shaft. (Using an object the diameter of you shaft--like a socket--makes that easier.) Put that one ring in the nut and screw the whole works together nice and tight, then back it off and add another ring. Repeat the above. Finally, try to get a third ring in there as well. (If you can't run with two.)
Finally, adjust the packing nut so the shaft turns freely by hand but only drips a few drops a minute. Then cinch the locknut to keep the packing nut from backing off (or tightening on its own). This is important with packing glands that have the packing inside the nut.
Have fun!
Jeff
"...reality is not nearly as lovely as the world of Liberal Land. No wonder so many people want to go there." - Tom Sowell