One side of gasket is greenish color and the other side is typical manilla/beige paper color. Not sure how much it could really matter, but was curious. Also, is there any need to place some sealant on the paper gasket to prevent a leak (I assume not, just double checking).

 

It will seal either way. I dont know why its two colors. I suspect Id put the paper side toward the pump. I like to use spray gasket adhesive on the pump side and a thin coat of RTV on the block side. This allows ease of removal in the future as the gasket will come off with the pump with minimal clean up on the block side. I do this with all engine accessories.