The gasket is glued to the block, the plate is glued to the gasket, or at least they should be to prevent the gasket from oozing out over time. The pin, which I’ll call a drive pin as that is what it is doing here, drives the cup and the rest of the seals components. Any fuel mix coming thru the bottom bearing lubricates the surface between the plate and the carbon seal. The O ring prevents the mix from running down the drive shaft.
Since the surfaces between the plate and carbon seal make the seal, both surfaces have to be smooth with no pitting. The original plates were made of brass, which tended to wear out and develop a deep groove in them from friction with the carbon seal. Around ’55 or so they started to make them out of stainless which was far superior to the brass.
That’s about as simple as I can explain how this seal system works. Maybe someone with more knowledge or experience can add something to this.