Ha, just noticed that we have some stainless-on-stainless action here.
Parker book says not to, but in a case like this you might be able to get away with using the o-rings as guides to keep the shaft out of contact with the sleeve. If your shaft is 1.125±0.003" you should bore the sleeve to 1.134±0.003" and groove two grooves to 1.343±0.003" spacing them as far apart as you reasonably can. Then jam a pair of -219s in there, you want the ID size larger than the shaft to seat the OD of the seal against the groove so they will stay put on assembly.
Stainless and water sounds like it might be a potable/food system. Get FDA EPDM o-rings and don't use lube if that is the case. Otherwise use standard grade EPDM and use a silicone grease, it will last longer. 70 durometer should be fine.
That's what I'd do anyway.
Edit to add:
I'd recommend not using an -024 for the reasons I stated above. That o-ring will stretch around the shaft which is unideal for the application. You want the ring in compression, so it should be sized up in diameter. Additionally, the stainless seizing concern lends itself to a wider gap and two-ring approach as long as hand-twisting is the only load on the shaft which is much more forgiving with the larger cross-section of the -219.
One more thought: Grooving the bore is the correct way to do a rotary seal. Only groove the shaft if you have no other way to get the job done.