I have made comments on this subject before. And I owe what I know to Garry from Tampa. My ELTO Sportster (’49) has maybe the same "Q ring" rubber for the pump. Or a surely similar one. The brass eccentric WAS worn small. Probably from pumping gritty dirt along with the water. I digress. Garry said, AFTER I rebuilt the eccentric, "You should replace the rubber!" I did. It made a LOT of difference. The old rubber was NOT worn badly, but it was HARD, not flexible. Pumps plenty of water now.
P.S.- I do not mean to refute what Garry said. When I re-made my brass eccentric I was eliminating the gap inside, and it did pump more water, but he BIG IMPROVEMENT was the new rubber!