Pete,
With respect, on '32-'34 passenger car and commercial vehicles the spindle bearing is above the axle beneath the head of the spindle bolt (B-3115/6) which bears the weight of the front axle, etc. The felt washer and its retaining steel cup washer are placed as Brian indicates.
Pete,
Please look at any period chassis parts catalog and you'll note from the illustrations the order of assembly. Because the spindle bolt is held in place by a tapered locking bolt through the axle no weigh rests on the felt washer or its retaining cup. Perhaps you are thinking of a later vintage Ford front axle.
If your '32 retains its mechanical brake, hopefully the kit includes the small felt washer that goes beneath the spindle in the gap between it and the ledge on the front brake backing plate that the brake operating rod passes through. Its purpose is to stop grease from the spindles finding its way inside the brake backing plate.
He Pete: There is a big 3/8" thick or so roller bearing that sits just below the head of the king pin - the weight of the car is held between the top of the 32 - 34 spindle and the bulbus top of the king pin (the part where the mechanical linkage slips into). So all the weight is loaded on the top of the spindle to the top of the king pin (with a bearing in the middle), not down below like on later setups.
Now, if you're not running mechanical brakes, you can setup the king pins and loads either way - depending on what king pin package you're running and what you prefer.
When I put hydraulic brakes on my 32, I switched to a thin Torrington bearing (with two thin hardened steel races on each side) that fits below the axle and handles the load of the car (between the axle bottom and the top of the bottom king pin boss of the spindle). This is the area where the thin steel grease shield cup and fiber washer went on the original setup - is about .100 thick (just ball park). On this setup, the king pin is "shorter", there is no room for the big roller bearing setup at the top. Hope this helps . . .
Pete,
You are badly mistaken, among other things, it is a STOCK restoration forum. Perhaps you were thinking of the HAMB forum.
Dual manifolds, headers, strokers, big valves, dropped axles etc, ad nauseam, are not stock restoration items.
As with anything, it is all in the interpretation.