Steve: Unfortunately I'm at work and cannot access e-gunparts thanks to the company nanny. When I go home this evening I'll look at this, plus pull out my S&W Owners Manual with it's parts schematic. Or even better yet take mine out of the safe and look it over.
To the best of my memory, a ridged shaped flat washer holds the magazine spring in place. On top of it, a flat washer, then the rubber "O" ring which just rests/lays on the flat washer. It's diameter is the same of the magazine tube inside diameter. Thickness is not even 1/8". It absorbs the shock of the piston when hitting the washers. Thats why the goop was there.
Then you have the piston which has a metal (connecting ring?) ring like an engine piston ring around it's center. This ring holds the piston pin in place to limit the travel of the piston. The piston pin itself has like a flat head screwdriver gap on both ends the ring (1ea) to keep it from falling out. The ring just loops arounds the entire piston being held in place by this pin. (I hope I'm making since on my description)
When I took this shotgun apart for the first time all the goop was under the piston. Of course I cleaned it out thourghly, then checked my owners manual which showed the "O" ring which mine didn't have. I called S&W and they said "they" put in the goop and went away from the "O" ring, and they didn't sell them anymore (Gun dis-continued mid 80's). They reccomended I cut apiece of heater hose or something to make a new one, about 1/4" thick and same diameter of inside magazine tube. Tried that, gun would fire, but not eject shells.
Seems to me too thick of an "O" ring limited the piston travel of the gases. Then I tried a rubber automotive "O" ring that is about 3/32" thick. Pretty much took care of the cycling problems. But, the shotgun will only cycle certain loads...... It prefers Winchester shotshells? Remington and Federal don't seem to produce the pressures needed. I'm talking 2 3/4 & 3" shells. She'll gobble up 2 3/4" slugs all day long with the factory slug barrel I have.
Also, I notice only 1 gas hole in my 2, 28" barrels and 2 holes in the slug barrel. This shotgun came with 3 factory barrels: 1 rifle sighted slug barrel, and 2 28" full and modified barrles. It's a beautiful and well taken care of shotgun, but it's given me plenty of headaches trying to get her to operate reliably.
When I get home this evening I'm sure I have an extra "O" ring I'd be more than willing to send you. Could of swore I bought it from e-gunparts? It looks thicker than my automotive "O" ring.
I don't think our shotguns are that much different on internal parts since mine is the 1000M (magnum 3").