sweet hub! i can't tell if youre arrow is pointing to the fix cup or the dust cover. i doubt the hub would spin very smoothly if at all without the cup. from youre description it sounds as if youre missing the dust cover. this will prevent grime and dust from ruining a sweet set of hubs. please get this. try youre local bike shop or a specialty shop such as recycled cycles. the part should be cheap, but my campy parts always cost 4 times as much as my shimano parts.
http://www.recycledcycles.com/retro.shtml