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I can't make it out clearly. Might be an inner spring ,probably an inner damper which is quite common. Inner spring would be for a high performance heavier spring to go with a high lift cam.
If it looks like a spring but is wound out of flat metal, it is a dampener to prevent spring oscillation. If it is round wire wound, it is a second spring.
No effect.
Your factory o-ring seals are in the umbrella at the top of the valve stem. The non-factory cup type go over the valve stem boss. Generally the boss has to be machined to use these unless you already have them..