Ken -
Glad to help!
The new arrangement will work. You will need to get a plastic drive block to install on the agitator shaft splines, but once you do that, this will work. You will also be able to use any other of the standard capacity WP bakelite agitators once you do that, however you'll have to pull the block to go back to other style agitators.
I am going to link a youtube video that Austin did with the same agitator, but using a 1982 machine mated to a 1968 control panel. The difference with the '82 vs. the '74 is that the 1974 is approximately 3/4 of an inch deeper than the machine in his video. The water level comes up unusually high on a standard cap agitator when used in the late 1981 and later large cap machines. The use of these agitators in the older machines would then raise the water level (when full anyway) approximately 3/4" even higher on the agitator. I just want you to be aware of that. This makes the level much higher than would be seen in a standard application.
All that said, my suggestion is that if you're going to use a bakelite agitator in either a large capacity machine or a short centerpost model (the '74 is not a short post model, nor is the 1970) that you be sure the block is seated all the way, that the agitator seats properly on the block, and that the seal in the agitator cap is fully functional. These machines count on the formation of an air pocket under the agitator to keep the bearings, seals, and much of the centerpost dry. The bakelite agitators don't seal as well as the newer splined agitators, so in machines as I mentioned that are more likely to flood these parts anyway, a working seal system is important if you're going to use that agitator very often. At least verifying the seal would allow peace of mind.
Gordon
