I have installed speedy sleeve on boxes that have deep pitting in the seal area. It requires making up your own driver to install the seal far enough down the shaft. And yes, the shaft has to be in place in the box.
I am not sure that the ID of the hole in the frame is large enough for the sleeve, but that could be enlarged slightly, although I don't think the sleeve will extend that far.
As Joe said, take the box apart first and make everything right first.
Also, a replacement shaft may be cheaper than the speedy sleeve, PM me if you need one.
