Small update.
Its been 2 years and about 4000 km, the seal is still godd and dry. Now I'm even more confident in saying that my unorthodox method did work.
Unfortunately, due to a separate issue I was forced to dissassemble the engine. But, it gave me a chance to take a good look at everything.
Everything was in great condition, except the main issue, which is the connecting rod developing quite a bit of play. The needle bearing was not damaged, but there was a bit of pitting in the conrod bearing surface. The crank is the original 42 year part, its done almost 30 000 km (acording to the odometer). However, the bike sat in a shed for more than 15 years, so even though on the initial dissasembly of the engine there was no play, corrosion seems to be the main culprit. Which helped to accelarate the wear once the bike got back in use.
Here's the picture of that oil guide plate and the aforementioned hole: