The seal can be replace for about $10, but....it's a one time
shot cuz you have to bend the four tabs to disassemble it. If
it's already been opened up then there is a very good chance
that you will break off one or more of the tabs. It's also
difficult to get the two pieces back together tightly when
bending the tabs back down.
This series of pictures might help to discourage you from
rebuilding the Ranco valve and encourage you to install an
inline shut off.
http://www.pbase.com/dennygraham/ranco_hf_br&page=alldg