Yes, the lead packing rings are the way to go. Pull out the old stuff and install 2 lead packing rings with lots of grease smeared on them. I did mine about 12 years ago, and it never leaked a drop, and I only tightened it a couple times in 12 years.
That's way I've decided to go...rebuilt gen, new ammeter and the packing rings you all mentioned. After that I'll deal with the short in the light switch that causes high beams to blow the fuse. Whoever it was that said, "If you're going to have a Model A.....be prepared to be your own mechanic," was just about right, or so it appears. But we still love our car anyway.
So here's the current progress report: A trip to Snyder's (an hour away) to get an generator and some lead-graphite water pump packing rings.....a little time to put it back together again.....all systems are 'go'! Generator output now about 9v....ammeter shows the same. Since I put in the last of the rope-graphite packing I had the water leak seems about gone so I'll save the rings for another time. And, again, my great THANKS to all those who gave some time and thought to my charging problem - especially Tom Wesenberg, MitchPA, and all the rest! I've learned a bun ch in the process.
String packing is used for slow turning shafts, like your water faucet.
The lead packing rings (with grease on them) are used for fast spinning shafts.
The string packing can wear a groove in the shaft.