I wouldn't use position 3...you run the risk of cracking a stock. I’ve had about to 20 Franchi 48’s over the years and still have 5 of them. I have never used the rings in either position 2 or 3. When I switch from heavy to light loads, I just flip the governor ring (steel friction ring). If you want it on heavy load setting have the tapered end facing the muzzle before the bronze friction ring. For light loads, the steel friction ring is still in the same place, but with the tapered end facing the receiver. So to clarify, the order of install is spring, metal ring then bronze ring