A squirt of builders' expanding foam might be a better bet, as it'll stop stuff getting in in the future?
I see that it's an NRS. Getting a shock to fit shouldn't be too difficult, but bear in mind that the NRS was designed to run at zero sag, and I gather that the OE shock was designed around this requirement. A more modern shock will give more active suspension, and a slightly slacker static head angle. It shouldn't be an issue, per se, as I understand most owners prefered it that way, but it's something to be aware of if you weren't already.