I think there would need to be some degree of sealing to help with oil pressure loss. Either that or choke the oil supply hole down so there would just be a trickle. That's one of the problems when the shaft wears...you will get a bunch of oil pouring out of each rocker arm.
The springs on the shaft, along with a close fitting steel washer riding against the rocker arm will provide plenty of resistance to excessive oil leakage. We' don't need a perfect seal, just slow the flow down long enough to lube the rockers. The pressure inside the rocker shafts is very low to begin with.
Jerry