I build all of my propeller shaft and tube assemblies for my model ships. Most are built from brass and are soft soldered together, although I have used other materials such as aluminium for the outer tube and plastic for the bearings. For the propeller shaft I often use bronze welding rod.
I add an oiling tube to some shafts. This is soldered to the outer tube and then a small hole is drilled to allow oil to lubricate the shaft.
The cut away drawing below shows the construction of these assemblies.