Fat Al
You are correct in that there are o rings on the brake arm.
Early ones had two, later ones had four…..an£ even later ones didn’t need them as there was a solid tube between the two halves of the bevel box.
Sadly, mine doesn’t have the through tube, but it does have 4 o rings…..just replaced them on mine as a little oil was getting onto the brake shoes.
OP……hope you get it sorted