That's too little pressure where the stainless collar slides up against the carbon seal. I just redid mine this summer and it's my recollection that after installing the new bellows, the instructions called for sliding the collar up to the carbon seal until it made contact and then sliding it another inch to compress the rubber bellows. How far you extra you slid the collar depended on the diameter of your shaft. I made a mark on the shaft with an indelible marker just aft of the collar so I could tell if the collar started creeping back away from the carbon seal.
1983 Fraser 41
La Conner, WA
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Boating for over 25 years, some of them successfully.