Ian,
mine is exactly as your photo. A chunky "O" ring on the outside. [which indeed I have changed from outside; tricky but do-able] A replacement ET169 Ferrule, the ID of which is a close fit [to help avoid oil loss] to the shaft of the replacement ET165AS, which as your photo shows is a chunky Bowden cable inner. This "looses" the arc movement of the standard ET165AS.
I made my own, but years back I think the idea was Mac Read's, who made some, and possibly Clevtrev.
Has worked fine for the last 22-odd years.
Regards,
delboy.