Peter,
Consider reviewing the Marine How To website discussion on repacking a traditional stuffing box. The site states “ three rings of packing is optimal but it is not a huge deal if the nut will fit only two.” Implied is a minimum of two rings. Also suggested is 4 full thread peaks of engagements between the female nut and the male stuffing box threads. At one ring, I’d monitor it for drip rate since compression is limited to one ring and offset seams in multiple packing rings is lacking.
I had the same problem repacking my stuffing box on my v drive with 1/4” packing recommended in my NS 33 manual. In the end, I went with 3 rings of 3/16” packing. No problems or excessive dripping.
Ken Dakin
NS 33 #7
Sashay
Kingston ON