Rope seals are best installed with the crank completely removed so that they may be packed. A properly installed rope seal should be so tight that you need a wrench to turn the crank when first installed. The 460 Ford seal should work for you without problems. Don't know much about Olds mains as its been many years since I built an Olds but if they are anything like the Ford that used a rope seal there would be a small pointed dowel in the cap or the block that holds the rope in place. This dowel needs to be removed in order for the neoprene seal to seat properly. A very thin layer of high temp. silicone between the block and cap helps to seal the rear main to keep it from weeping. Also be sure you have the neoprene seal installed correctly, the lip should go towards the inside of the engine and the seal should be pre-lubed upon installation, dry starts can destroy the seal lip..