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The s shaped thing is an overload device. When the spring is under a lot of compression the device shortens the spring. You can remove it and only use the spring.
That's the flex-o-matic suspension. I had similar questions when I bought my first 67-72 truck, they were a way to get a variable spring rate and do work well but were only used from 67-72. The basic operation is that unloaded the spring is in a constant arch, with the arm off the spring. Once it starts getting loaded down, the arm contacts the spring and effectively shortens the spring, increasing the amount of force it takes to compress the spring.
As i said before, they do work, I like the setup on my F250 especially with a large heavy trailer, but it is a bit different setup and may interfere with the bed crossmembers. The 67-72 trucks had an indent in the bed crossmembers to clear this setup.
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