These are a couple images of the valve assembly. The depiction is of the original configuration, my rebuild will be a bit different because I have to cut the top off the stamping in order to clean and reset the inner (rebound) valve.
The black rubber is the active part of the one way valve. The one on the top (shown) is the bump valve. as fluid flows from the inward diaphragm deflection, the rubber bit is flexed upwards to allow flow. the rubber is also constrained by the wing on the steel retainer. I have found that there is a difference in the vertical position of the wing on displacers which I take to control the "stiffness" of dampening. The lower the wing is positioned, the more restriction and stiffer dampening. I think this is the only part number differentiation of the displacers. All the other components on the displacers appear to be identical. Even the retainer is the same, the wings are simply bent to a different position.
In this view you can see the oval opening that services the lower valve (rebound). The components are identical, rotated 90 degrees from the upper and the wings are at a different height resulting in a different restriction and dampening.
There is a bypass hole in the stamping, a small diameter (about .070") in the Cooper S displacers and a larger diameter (about .120") in the standard cars. I'm not sure of the reason for the bypass, perhaps simply to let the fluid move unimpeded for small motions.
I'm not sure I can reason how the displacers lose dampening. The active rubber bit is in good condition in all the displacers I have disassembled. I suppose if the retainers rusted away completely all dampening would be lost. In the only unit I disassembled that exhibited that degree of corrosion the valve stamping was also completely destroyed. It was of no consequence, but the rubber bits were in good condition on this unit.