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That is the front crankshaft seal or timing cover seal. Never did a 351 but I would be sure that the seal is installed from the inside of the cover so it would have to come off.
That seal has a steel lip on it. I don't remember if it goes in from the front or from the back. If you don't see a lip from the outside, the cover will have to be removed.
Thanks for all the info - I have the Felpro gasket set with all the required gaskets and the seal for the timing cover - and if removing the cover is the only way to go then that's what it'll be.
You can replace the seal while the cover is still mounted to the engine..........Will you be able to seat it straight and properly, and to the correct depth.......not so much.
Pull the cover and do it right, doing things twice sucks.
It can be done with the right skills & tools , but i think it would be best to remove the cover , then you can have a look at the timing chain , if theres any slack just replace it & the gears while your in there , have a good look at the water pump to....Lew