Ok talked with the parts guy. The ONLY things in there are the diaphragm, and a helper spring that sits on top of the diaphragm and under the bonnet.
So bought the diaphragm, opened up the valve and ta da was exactly as explained.
Took off the bonnet (one note here is that the bonnet contains the bleeder rod - just a small metal rod that is permanently attached to the bottom of the bleeder knob/screw. The rod goes directly down and through the center of the diaphragm and screws into the top of the bonnet). Just pull the bonnet straight up and the bleeder rod comes up with it.
All that is in there is the diaphragm with the spring on top. Remove the spring, remove the diaghragm, replace both back and put on the bonnet (6 screws). Note I cleaned everything in a bucket of water, so I unscrewed the bleeder knob with the bleeder rod from the bonnet to clean. To re-assemble, I found it easier to leave the bleeder knob/rod off the bonnet, install the bonnet, then insert the bleeder knob/rod and screw it tight.
While there were no signs of holes or tears, the new diaphragm did the trick [
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