I think the disk was THOUGHT to have held the shaft 'steady'... kinda like the polarity switch on the starter supposedly being a good thing.
The parts manual calls it a FELT wick 2.364
http://chevy.oldcarmanualproject.com/1929_54chevyparts/02/153.HTMwhich makes sense that it would be FELT (porous) and not plastic. Putting a plastic plug into your grease pot kinda keeps the grease from going where its supposed to.
My guess is that the wick is there to meter the grease if it starts to melt (grease is just oil in a soap). Not sure how it is being called plastic.. parts manual is pretty clear on it.
I guess that after decades of use the grease caked felt looks like plastic????