A couple of quick points...
First - keeping water out of the shifter mechanism - as Rhinoman says - the #1 shifter boot, the one that "seals" the shifter to the transfer case or transmission only comes with the shifter, making replacing it an unnecessarily expensive job - but - it can be replaced with a section cut from the end of a steering rack boot - your local parts store probably has a selection of such boots, choose one where the narrow end of the accordion pleat matches the outer diameter of the transfer case/transmission boss, cut it a few pleats longer than you need and then lube the narrow end with liquid soap and slip it over the shift lever, pull the pleat down over the transfer case and secure it with a tye-wrap.
Second - the reason not to use a GL5 oil in the transmission has nothing to do with how "slippy" it is - GL5 oils are designed for use in differentials with hypoid gears and have a higher level of EP (extreme pressure) additives - older GL5 oils used sulpher as an EP additive and the sulphur would destroy the soft brass of the synchro rings.
Newer GL5 oils have been reformulated to work with the so called yellow metals and these GL5 oils can safely be used in a transmission. Mobil One 75W90 is one such oil, and I have been using it in the transmission on my Suzuki Swift for over a decade with no ill effects - I also have it in both the transfer case and transmission of my GV.