If that pipe falls off, the car literally won't run. It happened to me when I didn't fit the bayonet clip quite securely enough. It blew off at literally 2-3psi, so yep, it's very possible a worn seal can allow 10psi to escape, but it's the short term spikes that bleed off easily. It still has enough sealing integrity to hold a certain amount of constant boost.
It may not be the O ring, but a fiver and 5 mins work, it's worth a shot!
Good job on the mounts. Previous owners of mine had already done the damage so I had to fit a new pipe and it's been bone dry ever since.