Brake pedal sits too low

Pardon me, I got mixed up between the early type M/Cs with the bolt-on cover and the later with the wire-retainer cover.
In any case your pushrod is still gonna be too short. Cuz what will change if you install the rubber? That ring is just there to keep the rod from falling out when guys lift up the pedal to see why it is hanging so low.heehee

Before you install that puppy, reach down and grab the brake pedal and slap it up as high as it goes. When it stops it should hit a rubber stopper and you will feel it hit softly, and hear a nice little muted thunk. That would be correct. If it hits metal on metal and clanks, the stopper is gone, and you will need to replace it.

If you have a booster, there is a big spring inside it which pushes stuff back, including the pedal, to park it.But then if you had a booster, you would not have been able to yank the rod out by lifting the pedal, cuz the Outer rod is divorced from the inner rod.