Won't water get in that space between the upper and lower housings?

That's a sticking point with any luminare, but the old GE's were especially prone to door misalignment.

My OV-25 has this issue with the right-hand side of it.

This is why my power company has removed reflectors from a few older M-400's.

Why did they remove them?

I suppose because the door wouldn't fit.

My M-400 slpit door's reflector rim and refractor don't line up becuase they're at different angles. The door closes perfect though. My OV-25's hinges just aren't strsight though. The holes in the cast housing weren't drilled perfectly straight for the hinge track, so the door tilts to the left slightly when looking at it from the front.