Take a look at this method I have used with great reliabilty with zero leakage now for some 30 years! Very inexpensive and easy to make from parts that are readily avialable.
see this thread ,note the stuffing box as it is called can be made to any shaft size,lenght or custom need you might need cant beat that YA!
http://www.rcuniverse.com/forum/m_9747499/tm.htm