The felt goes inside of the housing between the posts and underneath the cross rod that keeps the posts from turning. Unless you have the housing off the engine you can’t get to it to replace it, although I suppose you could try cramming it up through the hole in the housing (I’ve not attempted that).
I have done the "reversion" indicated.
You need to remove everything of the original cap including the rubber ball, the two caps AND the two bolts that hold it.
New bolts need to be "fitted" as in you place the bolts, then you see if you can get the cross-bar keeper in place through the slots in the "heads" of the bolts. More than likely the slots are too shallow. So you take the bolts out and using a narrow wheel, you grind the slots deeper. You can try bending the pin in a "hump" which might be enough to make the pin fit the slots.
Putting the bolts in and out is a job for a pair of long forceps. Mine are 14" long and the bend end beyond the hinge is about 5 inches. You reach up into the hole, work to the side, then snag the head and lift up until the bolt is loose. Then back everything down and out of the hole.
When you're finally satisfied you can assemble the bolts/pins and have done so THEN you place the sponge rubber/felt whatever using the forceps similarly. You kind of roll the sponge/felt up, stuff it in the hole, unroll it, then use the forceps to "feed" it under the cross pin.
With everything in place, THEN you put on the upper shell, then the ball is placed, then the lower shell. There may be a couple of springs or sleeves here too - follow the assembly directions that come with the kit.
Bolted together and in place you're left with a setup which has capability of movement, but a degree of restraint.
Sort of like the rubber/caps. (ha, HA!)
Joe K