EDIT: I had just asked if it was the ceramic packing or the rope packing....1987 makes it too old for the ceramic packing and you wouldn't be asking about screwing the tool into ceramic packing...LOL......not enough coffee yet this morning.
How badly is it leaking? One thing many folks don't know or understand is that they are **supposed** to leak...helps with cooling the packing and maintains a seal throughout the entire packing assembly. People see a few drops of water and they lose their minds thinking their packing is pooping the bed.
I have never done one, but I have heard some stories about guys having issues getting the screw tool to "take a bite and were told by a Hale guy to shove a golf tee or some wood splinters or something like that up in the hole and then stick the screw tool up there, and should get it to bite. Then if it doesn't bite youll have to start yanking apart.
Also, if you call Waterous with your pump S/N from the panel plate, ask them for a full set of build sheets, parts breakdowns and manuals....Just like the Mack museum, except no donation required.