Well..I think I figured it out..looks like there was a design change in the HO52 somewhere along the line, I'm guessing from 1949 (my original HO52) to 1952/53
The oil seal retainer on the "older" design is quite different from the "newer" design. The older one (part 3682199 - hard to read) is on the left, while the newer one (3848067) is on the right. The newer one has a far different lip that the yoke dust sleeve goes over and is much thinner than the older seal retainer plate. The dust shields on the yokes themselves are very different between the 2 designs as well.
Comp 1 the flip side of the 2 retainers is very different as well. The newer design has a raised lip that fits in against a recessed pinion race while the older style is flat across on the back.
Comp 2 So, there are also 2 distinct HO52 differential cases, the older style (3699585) in which the pinion race sits flat against the case surface..
older case and the newer style (3934635) with recessed pinion bearing race
newer case So, the spacer takes up the extra height of the "older" style pinion seal retainer, without it the dust shield on the yoke will bottom out against the shoulder of the seal retainer - the spacer provides the extra clearance when torquing the yoke down.
More trivial fun stovebolt facts.