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How to repair, not replace, refrigerator door seal? Answered

We have a 1972 Coldspot 3 door refrigerator/freezer that has leaking door gaskets that are causing condesation and mold growth on the outside of the door. My father loves this 40 year old "antique" but for the cost to replace the 3 magnetic door seals, about $200.00, we can by a pretty nice used late model fridge. 

Is there any way to tune up the old magnetic seals to function properly again. I am considering adding a form a gasket or silicone to the existing seal surface and closing the door onto an oiled or waxed surface to create a "custom fit".

Any thoughts would be appreciated.

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Magnetic weather striping for garage doors $10 at your local hardware.