01-16-2014, 01:25 PM
Figured it out. These rings (silver circle just below threaded shaft, bearings removed) put the lock ring (removed, left) at the right height because the long ring is the outer race for the outer bearings. Going to put it together without this spacer to see if it works, and I'll also see if someone has a 1980-ish Pro-Compe freewheel for parts. The other image shows the ruined part: you can see its really chewed up around the edges in addition to having been torn along its circumference.
Other image didn't upload. Here it is:
Other image didn't upload. Here it is: