UPDATE...
I answered my own question. The answer is YES. The original inner seal had an outer retainer, an inner retainer and a felt pad sandwiched between them.
The new inner seal is, in essence, only the outer retainer piece of the original setup. The new seal drives into the back of the hub with the flange facing the inner workings of the hub. it drives down flush with the adge. The inner edge of the 'donut' is neoprene rubber and seals against the spindle when you mount the hub to the spindle...
KLS
