Re: Extending Rudder Shaft
My opinion is not to over think this. New 'stuffing' for your box costs under $20 and only need to be re-done every 5 - 10 years or so. It can be replaced with the boat in the water in most cases.
Here is a great tutorial about old school stuffing boxes: Re-Packing A Traditional Stuffing Box Photo Gallery by Compass Marine at pbase.com
We only have a stuffing box for our engine drive shaft but it is the same principle and is a tried and true technology used worldwide.
That said, our rudder shaft is encased in a tube as you propose.
"The cure for anything is salt water~ sweat, tears, or the sea." ~Isak Denesen
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