<VV> steering wheel sealing

[mhicks130 at cox.net]

In an effort to keep cold air from blowing up the steering wheel shaft and onto my body I'm replacing the seals at the steering shaft/body interface.  I got new gaskets that go between the mounting pad and the body but I also need to replace the felt seal that goes between the column and the shaft.  I don't see new ones for sale and though good 'ol Smitty gave me an "ultra" one, it's a little too used and I don't think it will seal much better than the one that's there.  

I was looking at alternatives and I found a piece of foam pipe insulation fits perfectly in the column and seems to fit just right around the outside of the shaft.  I'm going to smear grease on the shaft where it goes through the seal.  It seems this should work but it's not what the factory put there.  Do you think it'll wear out too soon?  The foam doesn't squeeze down on the shaft - it's a loose but tight fit if you know what I mean.  The grease should seal the small gap and keep things from squeeking.  

Opinions?  Thoughts?