Ken,
It sounds as if you have a bit of a hybrid pump.
Water seems to be by-passing the new seal so, was the mating surface of the pump faced off (to create a smooth surface) before the later type seal was fitted? If so, it may still take a while to bed in so keep an eye on it.
If water is finding its way past the seal and along the shaft it will follow the path of least resistance. So, if the shaft is a good fit in the bushes, the water is likely to make its way up the oilway once it gets that far.
B.…………