Saginaw control valve assembly

Mike,
We had to disassemble and reassemble these pumps, many times, back in the Denver Auto Diesel school (now Lincoln Tech), in 1980. In my foggy recollection, the 2nd picture feels correct. I think the spool valve "flat" surface is where the spring sits.
Found a post on ForBBodiesOnly from 2017, these guys seemed up to speed on the Saginaw pumps, maybe you can contact one of them. Hope it helps.
Power Steering Pump ID Help - Early Saginaw?