Welcome to Sailnet!
Sounds like you've got it about right... don't forget to tighten the lock nut so it stays put for a while. You can also feel the gland under way.. it shouldn't get excessively warm (too tight = friction = heat)
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)