DG has it bang to rights there, in my opinion, and of course as its a propshaft post, not shared by anyone else(<other than DG> I also use (as a cheap substitute) washers made from plastic milk containers, and arrange to tighten the nuts either end (if fitted) so that there is NO clearance at all (but not tight of course). This obviously does not coat the surfaces with anything, but is water lubricated and thus can tolerate a close fit.
I like the silicone tube arrangement, bit trickier when a nut is fitted to larger shafts at the inner end…unless you find the right size of tube!
The eze site is well worth a peruse, economical boating, and what can be achieved without spending loads. Much of the method can of course be applied to larger craft, and I would not worry about any theoretical inefficiencies in the designs, all the stuff will work just fine.
Ashley