Author, Dmitri, walks you through replacing the light seals on a film camera in three easy steps. The gooey mess that old seals can become should be replaced if the camera suffers from light leaks. Leaving the old goo might make a mess.
Dmitri suggests using replacement light seal material, but it is also possible to use black yarn, wound tightly and pressed into the light seal area. This was used on some really old cameras, and lasts a long time.
Read on at Analog.Cafe: replacing light seals on a film camera.