When I built my little Tich…
1) The valve and piston spindles had “O” rings on them. I made a “D” bit and cut them out, with a little covers to keep the rings in – flat bits of brass, with screws into the covers. (i.e., not the usual “screw in” graphite yarn packing. It was easy.
2) When I made the pistons, made the rings too tight (so I thought), so I put graphite yarn on. A few years later, my little rich had trouble on some of the steeper grades, so I took her apart; found out that one piston was sans packing, and the other almost clear! I dug out the “O” rings, put them on, put her back together, and the performance was great.
As others have said, you want a bit of “drag”, but not too much; and you want the groove width about 1.5x the ring diameter, so it has a bit of slide and expansion.
“O” rings are great – I’d not bother with the packing, but they DO require a bit of forethought.
Another JohnS.