Brad, the eyelet holds the retainer which holds the lower bearing in place while you assemble the steering shaft. It really isn't necessary as you can "stick" the lower bearing to the shaft with wheel bearing grease.
If you plan on doing much work on your tractor, there are two publications you should invest in. The I&T (FO-4) Shop Manual and the 1939-1953 Ford Tractor Parts Catalog.
Just let me know if you have any more questions - I just finished up the same project you're now working on.
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