Does anyone have a diagram of the fan pulley shaft that would show all the pieces and where they go on a 1926 Tudor? There seems to be something missing on the one from mine.
This thread has a nice sectional drawing made by Jim Patrick: http://www.mtfca.com/discus/messages/257047/287115.html?1336440723
If the felt washer has disintegrated you'll have such a large axial play it's obvious something is missing.
There are modern solutions too that'll stop grease and oil slinging: http://www.modeltford.com/item/3962BBN.aspx
If you haven't got many stop signs where you drive and don't do parades, dropping the fan can be an alternative. One less part that can cause trouble, that's ol' Henry's philosophy