You could say I've had a little practice lubricating things which spend their time submerged.
The best product I ever found was called Lanocote which was a lanoline based grease so was enviromentally friendly and stuck like %#*@!
We used it to lubricate hydraulic locking pins submerged in seawater. It was fantastic stuff but expensive.
I searched for it recently but cannot find any reference to it anywhere so I guess the company is no longer around.
The next best as kno3 said is white lithium grease but although it does not easily disolve it ain't enviromentally friendly.
Also to buy a can for the minute amounts required in a model boat does not make sense.
The best choice for our purposes is good old vaseline. It's readily available and
you can steal some from the missus 
it's cheap to buy.
It does not disolve easily so is very unlikely to leave a trail or damage the enviroment in your local pond.
The forces in a model are very small anyway so lubrication is not really an issue in a stern tube bearing.
Frankly the only problem is to stop the water working it's way up by capillary action and flooding the hull.
Alan
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