Chris,
That spacer was actually a factory part -- and a very, very bad idea! It was shown in part diagrams for retro-fitting the '930' style tensioners [or later, Carrera tensioners] to earlier engines without replacing the idler arms with the two-bushing version!!!
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Warren Hall, Jr.
1973 911S Targa ... 'Annie'
1968 340S Barracuda ... 'Rolling Thunder'
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