The idea behind this green "moldable clay" is that it will make your traditional stuffing box dripless. To install it you insert the first ring of flax, then pack in the green clay like substance and insert the second ring making, in essence, a green stuff sandwich.
While the idea of a dripless shaft seal is not new this stuff is probably not the ideal way to go dripless. Not only is it very, very tough to remove with a pick, and replace once installed, it also did not work as advertised for me. This stuff can plug the male end of the stuffing box with a thick black sediment as I found out.
This sediment can only be described as, remnants of the "syntef lubricant" and the "moldable clay". This gray/black goo totally plugged our stuffing box essentially preventing any cooling or lubricating water from getting to the female nut. If left alone for a long enough period it could wind up ruining your prop shaft.
Again, many folks claim success with the "miracle clay" so take my advice as cautionary only and do your own research beyond what I've said.