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I just looked in the -34 TM. The TM calls for .005" end play on the shaft. Add or remove gaskets to get the correct end play.
Personally, I wouldn't fool with the dial indicator. Just adjust it where you can feel a little movement in and out when you turn the shaft back and forth.
You'll need to set your end play. When I put my winch back together I used RTV. When I tightened the bolts the winch locked up. I ended up having to use two gaskets (that I made myself) to get the winch to turn freely. You may can get by with using RTV but the bearings were too tight on mine...
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