G'Day klancf51.
The seal you are dealing with is not an "O" ring but rather a Quadring , Rectangular in shape and even at that it is not a Standard configuration Quadring,
At some time along the way The wise man at Massey Ferguson decided to use a STANDARD Quadring and I feel that it is not as thick as the original and in SOME cases it gives trouble like you are experiencing.
The transfer tube is assembled Concave seating washer (Steel ) ( with the Concave surface facing up)Quadring ,Teflon backup Washer, Steel Backing concave washer and compression nut, when assembled it is normal to be able to turn the transfer tube to aid in aligning the standpipe with the hole in the lift cover .
Unless you have a specific needfor pressure control I would remove it from the system .
First remove the lift cover,dont forget to take the roller out first .
Next by moving the hydraulic Position control lever to the low pressure area of the control quadrant ,this will minimise the tension on the spring and make it easier to disassemble the unit,remove the small clevis/split pin that retains the pressure control arm to the lift cylinder frame and remove the arm ,and everything in your photograph.
IMPORTANT,because you now have a hydraulic system with no Pressure control protection you must fit a hydraulic pressure releif valve ,The earlier Masseys that were factory fitted with Pressure control also had a Standard 2550 psi relief valve fitted but the later models had a plug installed check, check.
Once done either replace the standpipe or as I do Braze/Weld the hole on the block on the stackpipe.
If you need maximum hydraulic pressure for external use this can still be available by setting the Position control lever within the Constant pumping area of the Quadrant and of course the Draft lever all the way UP.
Happy Days.
Hutch.