I would say that its not so much the angle of the dangle but more like if the inboard end of the propshaft is below the waterline that matters. A propshaft with its end above the waterline should be well safe. Obviously for your tug you have no option. The shaft i would imagine has to be horizontal so as to get the propellor thrust right.
Neil, grease !! you naughty man. Introducing such a CONTENTIOUS statement to this forum!!
John. In the past the topic of shaft sealing is something hotly debated. I personally use nylon washers either end of the shaft and adjusted for the tiniest, if not none, amount of play. A drop of oil then keeps the bearings happy (outer one water lubricated ). Nobody will agree with that.
I would not worry about a small amount of water getting in.
Ashley