It's function is a stop to allow the valve plate inside the manifold to be 
parallel to the airflow when the bi-metallic coil is relaxed.  You could 
use almost anything to accomplish the function.  The asbestos is to pad the 
sound.  The only penalty you might pay is a rattle some of the time.  
I think that I used a piece of the high temperature silicone rubber from the end 
of a spark plug wire on my car.  (OK, purists, you may emit a collective 
"Shudder", now.)  ;-} 
 
Joe 
Savard
Lake Orion, Michigan