Peter
The o-ring will wear a flat face very quickly. It will work for several hours until it does.
Ideally you want to fit cast iron split rings and I appreciate these can be tricky to make. I have just made a set and If you want help then message me. If your bores are accurate to diameter then you can buy rings from someone like Reeves, but they are about £13 each.
An alternative is split PTFE rings riding on top of o-rings. But this is as tricky to make as cast iron rings IMHO.
If you pack with a PTFE/graphite square material it will work fine for a few years, but be prepared to replace it one day. Not the end of the world and the quickest solution.
Norm