As you probably know, one of the problems is that paint is never the same size. Even the same brand, from the same store, off of the same pallet, out of the same box, from the same bag, an hour after you open it, can be different. So the different sized set of rings is a good way to solve this problem.
Second, what's a set of rings cost these days, 7 bucks? By the time you go to Sears a couple times............

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Some people have used a drop or two of fingernail polish inside the barrel with some success. I like two turns around the threads with plumber's Teflon tape. Let a little hang over so it folds inside the barrel. If you rap it a little tight, it will stretch and the tape that hangs over will "curl" toward the inside of the barrel. Two maybe three turns does the trick.
It comes right off at the end of the day. Helps hold the barrel tight. A roll costs about 99 cents and will last forever. Good for other paintball gun applications too.
I think your going to be dissapointed trying to use o-rings, but it's a good idea.