The original is a fabric composite, and even when new I doubt it could ever be as effective as a modern seal.
While the case is bare, changing is straightforward. Measure shaft OD, housing ID and seal thickness to find a seal that will fit. No mystery for your local bearing supplier or the usual online suspects.
This is one of the parts carried over to the later engine, so can be searched under part 67 1242
Swarfy.