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I have no idea, but I guess it's a guide (or jockey) pulley hence the name ....always interesting to see how these names have been derived
Sanjay, I believe the jockey wheels should be free to rotate with just the washers on the ends of the spindle soft soldered or shaft being peened over. Though today loctite if used sparingly would be an option.These engines have a job getting the governor to run smoothly so any reduction in friction will help with that so free running wheels are needed. Or you could convert to gear dive like the original Rectifying that may need a new bracket which could be made taller, if not then I would go with a riser block fitted to the bearing cap, filled and painted to look like part of the cap casting.