What a shoddy job!
I think you will only know for sure what's wrong after removing the water pump. Perhaps you can still use the o-ring or at least you can compare the size easily against your stock or try to get a new one. So I would just take the pump out and inspect and go from there.
Not knowing where the pump is in MD2030, I am sure it's not lower than the sump where the vast majority of oil is, so you should not get a significant amount of oil pouring out when the engine is not running...
Good luck!