The sealing stip on a racing dinghy is mainly there to miniminise drag caused by turbulence in the centreboard slot. It slows the flow of water into and out of the slot to the point that turbulence is eliminated. However, hydrostatically it has no significant effect - the water will still come just as far up the inside of the slot with or without the gasket when the boat is stationary. There may be some suction effect that lowers the water level when the boat is moving. I'm not sure that a bit of stiff canvas that moves out of the way as you move the board will be that effective at preventing the ingress of mud with the weight of boat on top.
Boats on drying moorings, particularly in nice soft mud, often work themselves a hole to lie in, because as the tide goes out it tends to drag the boat into the same place unless the wind is really strong, so you may find the problem disappears after a little while.
Thanks to Andy for the link to the gasket - I think I'll try that as I build my BR17.
Regards,
Anthony
P.S. I recall a mate once told me how he sank an Enterprise when a faulty (torn) gasket cause a fountain into the boat! That's not going to be a problem on the BR because the back of the centreboard case has a top.