There is a very specific technique to installing this rope seal. I can't find the procedure at the moment and is in the service books. Maybe someone has it handy? Basically says to pack the seal in the cavity using a rounded bar about the same diameter as the crank main. Then making sure it is completely seated. Then cutting the ends but leaving a short stub (.6mm???). Same goes for the lower half. When the two halves come together, the extended ends compress, forming a tight seal. Might confirm that.
But yes, just having the upper half should have some effect. But if not packed all the way in the cavity, the rope seal may create more than normal drag. If you followed the procedure, you should be ok.