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Thinking out loud again. 


For MFJ to claim that it is good up to UHF with a resistor the length of a UHF antenna, I would think that the shield has to be working along with the resistor to form something of a transmission line.


If the dielectric in a coax cable is changed from air to oil (1 to 2.4), the characteristic impedance is cut roughly in half.


If you have a center conductor in a square shield, the characteristic impedance is approximately Zo = 59.96 * ln(1.079*D/d). 


I am wondering if making the inner shield bigger would help with it being in oil.  The MFJ-264 manual specifically states not to run it in any liquid, and the only reason I can figure is the dielectric change.  IDK.