Thanks to ALL for their inputs. I am leaning towards the GFO packing. The link I provided above points to an out dated site where the "buy-now" link fails.
I read in other posts that e-marine sells GFO online. The site is eMarineSystems.com
and select the menue item "Packing-Shaft".
The website has some useful info, in particular, a table of packing size for standard Buck Algonquin Bronze Packing Boxes. See this link:
EMarine Systems Packing Shaft
I also talked to them over the phone. They claim that GFO can be used dripless but warned about over tightening. They suggest adjusting from the lose side, tightening the gland nut until the dripping stops (as oppose to over tightening and easing the gland nut).
Even though, I will still let it drip a drop or two per minute (Just to be on the safe side).