Well I got it all back together again. It was fiddly and required patience but wasn't too bad. Start by rattling a short spacer down through an upside down hub until you can see it at the bottom - this is the hardest part! Then slide it to the center. Then put the reel into the upside down frame, keeping it all perfectly vertical so the spacer stays put. Then, and only then, can you sneak the tall spacer up between the reel and the frame - you can't get the reel into the frame if the spacer is already there. Poke and walk that over to the hole, while threading the crank rod through the frame hole, the big spacer, the hub hole, the small spacer, and then wiggle the inner clamp parts around inside until the crank rod slides up into the hole in that too. This will not seem possible with only one pair of hands and a lap, but it is. More hands might make it easier.
Now you can handle the whole assembly in any direction for a bit, as you slide the rod through the whole reel hub until it pops out the other side. Now slowwwwwwly pull it back until it goes inside the reel, and then goes down until it's just flush with the inner mechanism flange. Now back to holding the whole mess perfectly vertical. Working with some needle nose pliers and going through one of the big holes in the bottom flange, put the other small spacer down onto the inner mechanism flange surface, and slide it slowly over until it's perfectly centered above the hole. Slowwwwly slide the rod up until it's just flush with the spacer, and then use those needlenose pliers to maneuver the thin stamped metal plate over the spacer until its hole is lined up... then shove the rod all the way in. Wiggle the entire reel around a bit until it's centered with the little shallow hole in the bottom frame surface, and finally shove the rod fully in all the way to the bottom of that hole. NOw, holding it all in place, with the reel shoved almost all the way towards the bottom frame, hold it sideways and use a flashlight to look down there and spin the rod. You can see the hole go past the gap between the two tunnels, then estimate when it is lined up with the tunnels. You can probably also see it lined up if you hold it just right and hold the flashlight just right and peer down a tunnel. Without changing the alignment, shove a cotter pin through the tunnel, through the hole in the rod, out through the other tunnel... and then spread the ends of the cotter pin.
If, like me, you mangled one of your cotter pins getting it out such that it will never ever under any circumstances go back through that precision sized tunnel and hole, then you'll need to buy some more. They're stainless, 3/32"x1.5". I have some coming from McMaster-Carr. I got one back in but the other just won't go. I'm having to buy a box of 50, so you should just PM me and I can put a couple in an envelope for you. ("You" being anyone who is ever reading this and mangled their cotter pin. And also Les, who is missing one already!)
Some pictures... The new flangeless-assembly:
Here's how much 10" film misses by - I plan to grind off the lower half of that lever and then use a file to round the edges again.
Here's the cotter pin we're discussing:
And, just in case anyone is ever googling Morse B-5 (aka M-10) developing outfits and wants more details on mine, here is the data plate:
Duncan