Thanks, Burdekin. "Spacer would not be fee to turn" is what I was missing. Now it's beginning to make sense. A bit.
So, the spacer ring is a loose fit on the camshaft. The woodruff key allows it to move forward 3 or 4 mm. The spacer ring is smaller than the hole in the flange and the large timing gear fits flat against the flange plate. Then, what is the purpose of the flange plate? It doesn't seem to do anything other than act as a spacer between the timing gear and the block.
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