fixmare,
I have had everything apart BUT THAT, and held the cartridge cap in my hand while turning the PFP out to the stop. I have since seen a drawing that shows what looks like a ring as well as the oring seen in your photo, but no part #s. Something MUST be there to limit and retain the PFP adjuster, and no you will not see it unless you disassemble the compression assembly. I suspect its a retaining ring on the PFP adjuster itself that seats on a narrow shoulder withen the cap, very much like the spring preload collar and retaining ring on the outside of the catridge. This would be exposed when the PFP adjuster is turned in CW far enough.
I hope I'm making sense to you here. I realize you need to be somewhat familiar with how most forks are designed but there is not much else it can be. If you don't have the skills/tools to tear it down take it to someone who can. Likely its a standard metric retaining ring thats missing or bad, but if you wreck something Marzocchi specific, your screwed.
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