The control sheave side is the same with the button bearing inside.
The wire loop goes through a roll pin and attaches over the Quadrant it to keep them together.
The bearing and the control sheave spin, and the button inside the bearing is held in place.
This section needs oiling every 10 hours of use through the hole in it. 8-10 drops of a good turbine oil, 3 in 1 etc.
Oil it, put it in drill press position which will allow it to run down on the inside of the bearing, and let it run 5 minutes, then shut it down overnight and the cooling bearing will draw in some lubricant.
The Motor has a sheave set that needs oil as well, and the hole is under the edge of the spring.
I listed a Jacob Anderson free video (he has over 30) that you might like to view.https://www.youtube.com/watch?v=iwpzTr4711E
Here are the differences between Gilmer and Poly-V