No, it is the wiper seal that stops oil from getting to the bearings from the diff. Here is a photo of one that I garnered off a different section of MLU...I believe it is Bob's photo. They are also used on the Ford UC. They are not used on the Ford trucks because they use seals internal to the axle tube, requiring you to split the Timken Banjo diff in half. Not a job you want to do again and again.
The BB1175 seals from Mac's were a bargain a few years back. I think they were charging something like $5 a piece. I ordered those in to NAPA here once and they wanted $75 a piece. I have a stack of them sitting out in the shed now (the $5 ones, not the $75 ones).
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