Cannot remember how it goes back together .... 273 question

It should go so the OD is away from the chain. That appears to be the way he is holding it, but the photo can be interpreted as one of the those optical illusions where the face is either sticking out or recessed, which is probably what green1 sees.

My understanding is like cudamark's that its purpose is to sling oil away from the seal to minimize oil leaks. It might also help in keeping the timing cover covered with oil to help with cooling. I understand that Magnum engines don't have the slinger, so it is probably not essential. You should clean yours in gasoline first. Don't put anything with dried oil crust inside your engine.

Re oiling your timing chain. 273's had one bolt on the camshaft plate with a thru hole, that allowed oil from the valley to drip onto the chain. It is often clogged w/ crud (see remark above). Make sure it is in the top, passenger side hole. In my 65 all 4 bolts were solid. A better approach is to get the later drip plate. You leave out the above bolt and secure the cam plate w/ 3 bolts. It has a tab that directs oil from the open hole to drip on the chain. I got one at the dealer ~$12.