grease is use in stem bolts cause of cost plain and simple neversieze is expensive and when manufacturing every penny counts. I will give you one point grease is better than nothing at all but trust me neversieze for bolts that you want to remove easy after a long wet season is the only way to go. Talk to any trade mechanic and they will tell you the same thing.
As for a waterproof grease any petroluem based grease is waterproof to a point but it will wash away in time. A good silicone grease IE type for brake calipers slide bolts on cars is a true waterproof grease and resists wash off but again it is not a good ball bearing grease cause does not envolope around the bearing but for plain brass type bearings and shafts it amazing
just cause a lbs mechanic has been doing it for years does not mean there is a better product or a better way of doing something maybe that person is stuck in his/her way of doing things.
just my 2 cents
dustin