Dear Bruce, you wrote:

> How much travel is appropriate?  There is a definite
> "thunk" as the lower valve facing hits the brass seat, and at least
> 3/32-inch travel to the point at which the wooden ring would be after
> gluing without the blotter paper ring.

3/32 is too much.  Valve throw should be between 3/64 and 1/16 inch.  I
suspect that your new valve leather is thinner than the original.  You may
want to use a thicker leather.  About the only uses I've ever found for the
blotter paper ring in those actions that utilize it, is to make the removal
of the wooden cap easier the next time someone has to get into the valve,
or to get appropriate valve clearance should the replacement valve facing
be _thicker_ than the original.

Good luck on your project.  That's a finely designed and built player action.

Dean Randall