Whats happening here

[Patrick L.]

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I agree with some of the others. The radius rod socket needs to come apart and looked at. What does the material that is sticking out from the cap made of ? It looks to be rubber/neoprene. If it is, it doesn't belong there as the socket appears to be the original type.
Just drop the bottom cap and take a look. The radius ball should be round and 1.5" dia. It is common to use a large flat/fender washer to take up years of wear. So, if the material is metal/steel then thats normal except for its being worn out and in need of replacement.
The vendors have all the replacement parts.
Welcome to the world of Model A'ing. You're certainly being introduced thru trial by fire.