You are correct, there is no lip seal.
When I rebuilt the transmission in my 1978 Maytag, I ordered both seals, thinking I could use the lip seal as well as the O-ring. I found out very quickly that this is not the case. On the pre 1986 transmissions, there is no slot for the lip seal, just a groove in the lower housing for the O-ring. When replacing the O-ring, patience is key. Be prepared to spend about 20 mins with a VERY steady hand and a pick set to maneuver it into the groove, while not scratching the housing in the process. Good luck on your repair!
Thatwasherguy.
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