leaking seal bottom of spin dry compartment hoover twin tub help!?

the rubber seal at the bottom of the spin dryer compartment of the hoovermatic twin tub washer (model no. T5026) , through which the shaft of the spin cylinder passes is leaking , mainly i think from the outer rim (viewed from underneath). could i try using a silicone-type sealant (i have removed the dryer cylinder), or am i going to have to bite the bullet and order a complete new seal (approx au$70)- i have already spent quite a lot on replacement hoses after discovering they were kaput after obviously being out of use for a long time (and i thought i'd got a bargain).anyway' my intention was to get the Bangladesh family next door a suitable washer so the heavily "with child" lady of that house wouldn't have to wash by hand any longer. Any ideas please? Signed, frustrated good samaritan pensioner.

michael, MAYLANDS,WESTERN AUSTRALIA
April 2008