Ok, we'll see what the night owls have to say, it's 11:13 pm on the east coast and I'm going to hit the sack, I'll reveal the answer in the morning, if no one gets it tonight.
well you said it wasn't a seal for oil but i would have to say rear main.... that's the only thing i can think of at the moment.
Should I drag it out some more? I've never seen leather exhaust hangers, or Rag Joints, but my 74 Grabber has a leather covered wheel, but this is more common and is on every Maverick and Comet that I have ever taken apart.