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You wouldn't feel a loss of power because the oil seals don't seal compression; that is to say they were not designed specifically for that purpose, as the side, corner and apex seals were. The oil seals are oil scrapers with a sharp edge and a sealling o-ring with, held against the side plate by a long wavy spring under each one. You can purchase competition outer springs which apply a little more pressure; I like to use them on boosted engines because, as I said earlier, they weren't really designed to hold compression, but what sealing they do do, helps keep some of the boost from leaking inside the sump area of the engine, and therefore there is more available to make power.
Just bite the bullet and rebuild your engine. Sounds like you need new o-rings and possibly new oil seals too. Band-aid fixes only work for so long.
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