I'm in favor of leaving the bolt off too. Didn't like it, just didn't know why. Makes sense Digger.
If you can't reinstall the snap-ring, just don't. And leave it at that.
One of the best ways to keep moisture out of the assembly is to pack the spindle with grease in the first place. That old design with a loose seal and a floating loose seal isn't going to keep a determined molecule of water out if it really wants to get in.
But a boatload of grease (not too much of course, but that'd be hard to achieve anyway) will do the job better.
This whole issue about a missing retainer is really a non-issue anyway. Ever since Warn came out with their modular design lockout and apparently based it's size on the Chevy spacing, 99% of Ford users of Warn hubs have not been able to reinstall the snap ring.
Same for most people doing the disc brake swap using the GM-based spindle and the factory Spicer lockouts.
Plenty of trucks running around without the ring, or the washer and bolt, and not suffering any great drama or trauma.
That's not to say that it wasn't put there for a good reason. Just that I don't remember ever hearing of anyone blaming a failure of anything on a missing snap ring.
The whole expected routine after fording streams, living in snow for a winter, or just living in a wet environment, is to pull the whole thing apart on a regular basis and make sure there is no water in there, clean and re-pack the bearings with new grease, and start counting the days until the next time you have to go through that.
It was all part of the pride in ownership of a vehicle with this type of setup and put to the use it was expected to see back then.
And kcc, I think there is a misconception either by the person in the video you were talking about, or in what you thought you heard them say.
As far as I know, all the aftermarket locking hubs expect you to reinstall that snap-ring as well.
Maybe that's changed. I just tried to find the instruction sheet on Warn's site, but came up empty handed. If anyone has a copy handy, maybe they can check to see if they mention the snap ring.
Paul