The new modern seal may work, providing the pulley hub outside diameter runs concentric with the crankshaft, and the surface finish of the pulley hub is perfect.
A lip seal is difficult to seal, running against machined cast iron at the best of times, due to the mineute machined rough surface.
Service life may be a lot less than the original style of packing. I pre oil soak mine for a couple of days, but I know a lot of people don't. Preference I guess.