Chris. Just put my penn`orth in, a summation of good practice as per previous posts really.
I would purchase a wattmeter ASAP They are cheap from (not the only supplier) a well known auction site, easy to use and show what's going on in a way that cannot be seen by simply running a boat.
Secondly purchase a bunch of twin bladed plastic props in 35 40 45mm diameters, X and S pitch (course and standard). Cheap as fried pommes de Terre (diced appropriately) and great for experimentation. Despite that usually the x pitch are used on very fast boats, I have found them to be good at low engine speeds for slower boats.
The MFA LN are great motors and do not pull many amps or get hot even when moderately overloaded (just in case).
Shaft lubrication. Hot potato subject. Packing with grease will increase drag, has to. May be ok for very powerful fast motor setups when the grease will go soft/melt and lubricate bearings. My favourite combination is nylon bearings/stainless steel shaft. Bottom bearing water lubricated, upper by odd drop of oil. No one will agree on that of course.
Ashley