A rough check on critical rpms for the original shaft, with distance between supports ~510 mm (assuming splines in both ends) and semi-restrained support gives a critical speed of ~8000 to 8500 rpm.
With the lengthened shaft you have a "soft" coupling in the motor end (an unrestrained support) and the hollow section. It is trickier to calculate correctly, but the hollow part will dominate the stiffness/mass ratio, and the combination with one semi-restrained and one unrestrained support results in a critical speed in the 2500-3000 rpm range.
This means that the issue is critical speed, not manufacturing or balancing precision. The solution must be an increase in critical speed, either by re-design of the hollow section or introducing a support bearing. You chose the latter, which I think is a relevant path. Arranging a water lubrication to this bearing should be easier than making a new shaft. You can use a pitot pipe pick-up, either in front of the leg, or aft of the prop and just a plastic hose to the bearing, pouring a small flow onto the top of the journal. If that isn't enough, then there is the cooling water pump in the housing.