Should work yes. The elite force 1911 is made by kwc. Elite force, cybergun, umarex co2 1911s are made by kwc. I do think heroshark makes a good point here though. The gas is indeed coming out the top not around the sides, which makes me think I've told you the wrong seal is at fault. Might be worth removing the exhaust valve and giving the valve itself a dose of silicone oil and there's a o ring is inside the mag itself which will need silicone oil too. If you look at this diagram you'll see the 2 o rings: https://www.airsoftstation.com/elite-force-kwc-1911-co2-blowback-airsoft-pistol-magazine-release-valve/
If the o ring inside the mag has gone you can likely just replace it so long as you can find out the correct size. If the o ring onside the valve has gone I think you'll need an new valve. I've had a quick look on one of mine and I can't see how you get inside it to replace it.