Jimgmc. Your statement is what the Corvette club believes (see previous link). The thing is, GM did not call the big washer an oil retainer but a bearing retainer. I thought about NASCAR tracks with those high banks. If it was critical, I would think the inside axle tube "step" would be made higher so that no washer was needed.
Keninski. Attached picture is of my new Bower (Bower = USA, NTN = Asia) bearing on my axle shaft. The bearing is located where the roller bearings normally run (above the 2 marking pins). A seal (I don't have a leather seal) would be on the outside against the bearing. The deflector catches the dripping oil from the leather seal. A hole through the flange to the front allows oil to weep out onto the front of the flange.
"Adding CFM to a truck will only help at engine speeds you don't want to use." "I found there was nothing to gain beyond 400 CFM."