No you need the gasket for proper clutch push rod spacing. It might keep some water out of the alternator but plenty of guys have ventilated that area by drilling holes everywhere with no reported problems so far. Don't sell cereal box short, thousands of gaskets have been made with it, a bit of sealer sparingly applied and off you go. Eat your wheaties! Full disclosure I use (and reuse) premade gaskets, but I stock em so I don't need to jury rig one.