I would do a few things differently.
1. I would replace the bushing at the top with a sealed bearing. Might even have replaced the mid bushing with a sealed bearing as well. I don't think these are going to see water and if they do, you have bigger problems than water rusting the sealed bearings.
2. I would put the shaft collar in between the grease seal and the bushing at the top and throw a bunch of grease in-between. I know you are thinking this differently and are concerned about the set screw coming out and causing havoc. With the tolerance of the shaft collar against the ID of the tube, that set screw is never going to come out.
3. I would put the bottom bushing back a couple of inches from the last grease seal. I would then pack that space with grease to act as a water barrier. I would then fill the tube in between the bottom and middle bushing, and the middle bushing and the top bushing with lube oil or some heavy weight lubricant. Would definitely use synthetic for cold weather performance. I'm thinking that only part of the space between the bushings needs to be filled as the motor will be tipped and the oil will be against the bushings.
4. I would end machine the driveshaft prior to installing in the drive tube. Not a big deal but it saves some time later.
5. With your Bolens motor, you will need to dremel, or somehow grind a slot in the top to fit into "the key" in the motor housing. I'm not using the right words here but you know what I mean. It would have been far easier to cut this groove first and then attach the skeg verses attaching the skeg first and then having to align the groove to the key in the motor housing.
6. The 60 inch drive shaft and the 58.75 inch drive tube are incorrect. Our motor attaches differently than the motor "Ripped Off" must have used. The drive tube needs to be cut an additional 1.25".
I keep thinking the next motor will take 1/4 the time of this one now that I have gone through it once. Next up, we'll have to try a bigger motor.
Call me Ed if you have any questions (651) 738-2180 (home). or (651) 283-4643 (mobile)
Mark W