The original seal was made of cork not felt.
I actually have 1 in stock.
The function of that seal was to keep dirt from getting on the splines of the slip joint.
Volvo updated the nut for this system so the later style of rubber dust boot could be added. If you have the updated nut and you use the dust boot which is still available, I wouldn't worry about the lack of a cork seal.
Here's a link to a Swedespeed post and it appears that the person who posted had something made using a custom made seal.
FYI, the cork seal looks like a thick washer with a diagonal cut so there isn't a gap as the cut overlaps on itself.
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Eric Hi Performance Automotive Service (formerly OVO or Old Volvos Only) Torrance, CA 90502 hiperformanceautoservice.com or oldvolvosonly.com
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