I believe that's the bottom rubber "stopper" for the stainless tube normally found covering that round turnbuckle. The closed body turnbuckles used by Catalina (made by Garhauer) had a rubber cap like that top and bottom of the stainless covers. So actually I think you got a part missing, the stainless cover, but probably unnecessary inside the furler.
They are the ones towards bottom of page, poor picture but you can see the parts. http://garhauermarine.com/catalog_process.cfm?cid=86
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