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How much play is in your axle in the above pictures???
Looking at your second picture you posted......IS it me OR is you axle not centered?? Maybe it's me BUT from your 2nd picture there "appears" to be more room at the top of the axle than at the bottom. MY 39 Mercury has a cork tapered axle seal that fit around the axle and "helped" keep the axle centered(AND rear bearing grease in). Hence my first post, EVEN with that axle seal the axle "sometimes" is still not 100% centered and getting the drum in the right spot over the bearing, shoes and axle centered (per se') takes a little maneuvering to get all 3 to line up and play friendly!!!!
38fordV8...I'm not following you on your keyway theory, could you explain it again or maybe differently....judging by the taper of the axle the keyway "looks" to be in and flat all the way across. NOT to be arbitrary or argumentative.