You can even repair the pitting in the ball swivels if you like. Fill the grooves and pits with epoxy, sand smooth, and paint. I did this for the swivel balls from my 1951 Series I and used POR-15 paint and a final clear spray coat (see attached pics). But new seals are a must. And, as the others have said, since you are in there, check the other parts to see if anything else needs to be replaced. If the pitting is not too bad, TeriAnn tells how to add a new seal without taking the entire assembly apart by making a single cut and twisting the seal around the axle for the install and then fitting the seal so the cut sits at the top. I followed this procedure for my 1973 Series III and it has worked great for the past nearly 4 years. Good luck! Click image for larger version. 

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