No, your not correct, as Jon says the outer are lip seals, the inners are two piston rings each side which fit onto the center sprocket arrangement.
If you pull the crank apart you WILL have to have new crank pins made as they will loose their interference fit. Also the crank will have to be aligned to within 1 thou on reassembly.
It is possible to split the crank by making a special tool, a short bit of allen key welded onto a strip of steel which fits between the webs and if your lucky , you can remove the center bolt. I have done this more than once as you can see by the photo. If it does not come out you will have to split the right hand web and remove the conrod. The photo shows the conversion to the 3/8 duplex chain. Kev