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That is a cap, just not a bearing cap. The dizzy is 1-piece. It slides through the hole made up by the cylinder head (on the bottom) and this cap (on the top). It exists so the valve cover can be removed without causing any mount problems with the dizzy. The dizzy journal goes through this hole, and the dizzy shaft goes through it's own journal. There is an o-ring that goes around the outside of the dizzy journal that seals oil out between the inside of the cylinder head and outside of the dizzy.
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