There has been a lot of discussion on this subject in the forum, some of it recent. Worth reading. Seems like you need to have one drip per min. For shaft cooling. Anyway, check out what has been written, it should answer your questions.

I took my guidance from the manufacturer of the stuffing box I bought which was Buck-Algonquin. They said 1/4". However, 1/4" is very tight and if you put 3 wraps into their box you will only have 2 threads of engagement on the nut which I don't think is enough. I only used 2 wraps and it is fine. I was thinking next time I have to repack it I might use 3/16" and could get 3 wraps in, but then what I have now is fine so I think if ain't broke.....

Be very careful with the break-in period instructions for Gore. They want lots of water for the first few hours of running and after that you can close it down to whatever gives you a comfortable temperature. I get zero drips at rest and I look for 1 every 10 or 20 seconds under power. I check the temp with an infrared heat gun.

I have never used the dripless moldable material but everything I read about it was negative. I believe Maine Sail has comments on his site about it which would be worth reading. I have used the grease as suggested by one manufacturer and that was an unmitigated disaster, dripless all right but temps in the 140 degree range, could not get any water flow out of it at all unless the nut was backed right off, I mean right off. Ridiculous.

It is definitely 3 wraps of 3/16. I just did it