Norman,
I just checked. The raw material is 3.5 mm. I didn't measure the gap when I did it. I just chose a size that just slipped in with slight pressure. The bike has standard cup and cone bearings. I did measure the diameter and applied 3.14 as appropriate to get the correct length. It seems to be snug enough to keep dirt out. There's definitely no binding. With the bike on the "D" center stand, the jack under the "C" front stand and the hydraulic steering damper backed off, there's no appreciable resistance to steering. I'd imagine that an O ring or an X ring would have to be rather tight before binding would be noticeable.
I do like your X-ring idea. Something to do over the winter. I don't feel like tearing it down now. It's summer here and I do ride on occasion. We aren't so restricted here, it seems. I scrupulously avoid gatherings but do ride with one or two friends.
Cheers,
Gary