Don: I installed the same kit on my '51 TD. Somewhere on the "T"series forum, I've posted my blog of how things went.
http://www.mossmotors.com/forum/forums/thread/2242.aspx
The seal lip rides at the very forward edge of the crankshaft flange surface. Install the Speed-i-Sleeve so that it overhangs the crankshaft surface at least 1/8" forward of the flange fwd edge. Motorbill66 has a clever spacer he builds to move the seal holder assembly aft a bit.
The aft bearing cap will need some serious milling to get the rear surface flat and square. The bearing holder assembly is bonded to the cap, so it really needs to be squared up properly.
When you install the flywheel, the bolts may protude forward enough to impact the seal holder. You may need to shorten the bolts a tad.
I was not impressed with the instructions that came with the kit, but that was several years ago. Kelvin said he would update things, so hopefully you've got the revised instructions. some steps were out of order, and sealers were no longer available. The blue stuff works.
Check in with Motorbill66. He's done a ton of these kits at his restoration business, and is very generous with his time and knowledge.