TOPIC: Oil seal orientation on water pump housing

I'm in the process of rebuilding the lower unit of my 1965 Merc 350. I'm about to insert the oil seal into the water pump housing and started to think about how (upside down/rightside up) it should be seated.
In the pictures below the water pump is shown upside down.
The first picture shows the seal to be installed in what I think would normally be considered right side up. The second picture shows the seal upside down. Of the two LUs I've taken apart, the seal was installed as it looks in picture 1. But then I was thinking, It should be installed as in picture 2 for a number of reasons. First, the spring wouldn't be exposed to water that could potential leak out the pump. Second, the rubber would be kept soaked in oil, preventing if from drying out. And third, if it was installed as in picture 1, the cavity of the seal would be an ideal place for water and other potential crud to accumulate.
I wonder if this could be potential contribution to the shafts being prone to rusting/pitting.
Any thoughts before I seat like in picture 2??

pic 1 is correct it is a double lip seal. make sure your shaft is smooth and clean.

Thanks Dave.
It still seems it has the potential to gather water in the ring and rust the spring by seating it like that, but I'll follow your lead. Thanks for your input.