mstruttum,
You're definitely better off going with the PVC !
I've done a bunch of those old Cast Irons, and they're more trouble than their worth. CHANGE IT OUT!!!
On the seal. you're only dealing with Gravity Flow, so you're not going to have it rated very high. Some of those new PVC Flanges come with their own sealing Ring, but, you can use Silicone, Plumbers Putty or the Goop. Just remember if you do it with anything that hardens firmly, IF you're off on your height, it will be hard to re-do.
Have a good Day !
S.W.