Join Date: Jan 2007
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Dunno the Bukh pump, but on a Volvo I would agree with your diagnosis. There are two lip seals on the Volvo I know, one facing the impellor and one the engine oil. Other than needing care to remove the old and replace the new, without damaging the housing, it's not a difficult job.
Worse is when the bearings are worn out - they need a lathe to turn the old ones out and thermal assistance to get the new ones in.