Good morning from Sheepshead Bay, Brooklyn..
I'm happy that you are considering the Teflon tape solution.
I suggest you try the packing gland first - it ought to be
the easiest possible solution and does not involve altering any
parts (like cutting ring grooves in the piston - last resort).
A little tricky because it has to be tight enough but not too
tight. I hope you can try it without having to disassemble
many parts.
Good Luck,
Wayne