Mondial T shaft seal

I am referring to the seal protecting rear wheel bearing on the wheel hub. THe old one (black) has a longer protecting lip at 3mm and the spare one (blue) is at 1mm. The old one has a wear and tear (internal diameter is 1mm more than the new one). My concern is that the particular seal is not lubricated since it is protecting the internal bearing from outside water and dust contamination. The old one is not a snug fit anymore and is a little loose on hub's shaft. In this sense is better to put the new one with the smaller lip and snug fit or to leave the old one as it is?
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Thanks for your reply. Unfortunately I had to find the part locally in Greece and they are not Ferrari parts, just dimensions are identical and seal is suitable for sealing from outside. I will use some silicon grease and I hope that will be better than the 34-years old seals.