Hi:
Actually there are two o-rings on the distributor:
A small one on the distributor shaft that seals the upper half from oil
A second LARGE one that fits between the distributor and the head. This is the one that creates those famous leaks that cover the rear of the engine and the top of the transmission.
There is a circular groove on the face of the distributor mounting surface and on the rear of the head where the o-ring seats itself. Leaks generally occur when the o-ring is not properly seated in the grooves when the distributor is re-installed. I use Vaselene or a smilar sticky petroeum product to hold it in place during installation.
Your RTV solution works too as a replacement for the o-ring but an O-ring would make it easier to remove and reinstall the distributor.
If the engine is a 1.6 16-valve, take a look at the engine section of the Tracker Factory Service Manual at Ack's FAQ. Do a search for fsm. That way you can get the official GM/Suzuki instructions on how to replace the camshaft seals.
If its is an 8-valve, the 88 Samurai FSM (also at Ack's FAQ) should do the trick.
The link to Ack's FAQ is in my signature, below.
If you are Internet connectivity challenged (dial-up connection), try the Chilton or (shudder) Haynes aftermarket Tracker or Sidekick manuals found at your local Public Library.
I hope that this helps!