quick fix for cutlass bearing

I recently noticed some play in my culass bearing. It was moving .008. The salesman at my local auto parts store recomended some stuff called AT205 re-seal. He says it will restore seals and bearings and won't damage rubber parts. I put some in a spray bottle and shot it into both ends of the cutlass turning the prop as i sprayed. I aplied it 4 times- morning and night for 2 days. On the third days i no longer had any play in the cutlass. I put 2 hours on the boat last night skiing at 34mph and there is still no play in the cutlass. I'm not sure how long this repair will last but if it gets me thru the summer i'll be happy. Have any of you guys ever heard of this stuff? Do you think its a permanent fix? I may have saved several hours of work.