Dielectric grease? Is this to act like as as a water repellant / rust inhibitor? Anywhere else i should use this type of grease? Thanks for your suggestions!Yep, I'd say that boot was fairly new; lucky you. As for the shaft, it is pretty pitted but, assuming that what you see is pretty well down to good metal, it's not anywhere close to being bad enough to really weaken the shaft. Wire brush, rust inhibitor, paint the crap out of it. Once the paint dries well, a bit of silicone grease (like dielectric grease) around where the boot seals might be a good thing as well.
Thanks. Will pick up some tomorrow.I suggested dielectric grease for this application because 1) it plays well with rubber where many hydrocarbon greases can deteriorate it, 2) to act as a seal impover since your shaft is no longer perfectly smooth, and 3) because it does inhibit corrosion.
The most common use for dielectric grease is for electrical connections. I always have a tube around (I actually put some in a big syringe to make using it easier) and squirt some in every connection I take apart. It inhibits corrosion and keeps water from being able to penetrate the connection and cause damage and signal issues. FYI, it's called dielectric because it is non-conductive (so it does not cause issues with electrical connections) and is formulated to protect the types of materials used in electrical connections.
EDIT: Here's an example product.