"Then I took off the rear drums and backed off those brakes. While doing that I noticed that on the rear axle flange that the brake drum rests against there was a paper gasket that fit over the wheel studs."
I've heard a couple different opinions...and mine is that it was to keep the drum from rusting to the axle!
I would tend to agree with this because this gasket will do nothing to keep any oil getting past the rear axle seal from getting onto the brakes.
Thanks for the answers. Jeffrey