Dream, my bike is a k2 but I actually have the early style 69-70 fork lowers so the 48mm diameter is actually too wide.
I didn’t realize you had the 69-70 forks on your K2.
Perhaps this info can help clarify:
The first 750 parts book dated 04/69 shows the fork seal as PN: 91255-300-003, Size: 35x46x11 and the back-up ring is not present.
Beginning with frame number: 1039120 the back-up ring appears, PN: 51452-319-000 and a change to the fork seal PN: 91255-300-013, Size: 35x46x11 as the lower fork leg changes design and PN.
I’m thinking your 69-70 forks are one of the two types. If you have the space for a back-up ring, then I would use it.
(beginning the K1, frame number: 1044650 the fork seal size changes to: 35x48x11)