Well looks like I may have jumped the gun. I went ahead and put the piece into the master cylinder,and then installed the master. I bench bled the master while on the car and then reinstalled the lines on the master.

I pulled out all the bleeder screws,cleaned and reinstalled,and then applied pressure to the pedal,thinking that me pushing on the pedal (pushrod) would push it into the rubber piece. I hope im right!!

Now im waiting for my stepson to get out of the shower to help me bleed the brakes.