Don’t try to overthink it. If you are using a snap cap forget the o-ring thing. If you are not or don’t wish to use a snap cap (rimfire is an even better example), just pinch any smallish o-ring of 3/32 cross section and that’ll stay by itself into the hammer channel to prevent any strike of the hammer to the firing pin. Doesn’t need to be in any particular position as any portion of it will cushion the blow. Works for revolvers, great for rimfires, good for older guns that maybe have a more fragile firing pin or retainer, as well as modern CZ’s.
Works great for practice, comparison, or post cleaning function checks. Easy to do and dirt cheap.