I put new rope seals in my '51 Merc engine before I installed it. I think mine were "Fel-Pro". Anyway, they came in a "kit" that contained a razor knife and a trimming guide. I was careful when I installed them, followed the instructions, and I have no leaks. Now, if I had been as careful and installed a new drain plug gasket, I'd be in "Fat City". I'll do it during my next oil change.
The guy at the machine shop who did the major work on my 258 incher installed a one-piece neoprene seal. I am in the process of getting the engine up and running, and it will be interesting to see how that works out. I had one for the Merc, and decided not to use it when I saw how "sloppy" it fit in the seal cavity. Mine was from "Speedway"; I don't know where he got his, but he claimed it was "better".