I've used that type of seal on my Mustang rear end (Lincoln Versailles) and the results are okay at best. The seal uses three o-rings on the OD which comes in various thicknesses so you can custom fit the seal to the ID of the housing tube. Only one of the three seals came close to fitting properly so the fit is fairly tight, but it still leaks. Without going into a long story, the rear-end was narrowed about 1" on each side and the idiot that cut the housing was successful in removing the portion of the housing where the factory axle seal seated. I tried other recommendations but this one mitigated the leaking to a minimum. I will eventually replace the butchered bearing housing so I can use the factory axle seal, but that project has taken the back seat.
Here is a link to the seal that similar to the one I'm using. Good Luck!
Inner Axle-Housing Seals - Speedway Motors, America's Oldest Speed Shop