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I noticed that a strip of rubber that's sandwiched between the leaf springs in the back is comming out. What is that for? Do I go through the effort to put it back? Can it be put back?
I'm not sure what they're for.
Noise reduction sounds reasonable.
They might even help dampen spring movement (like shocks).
At any rate, I would imagine that you can put them back, but I would guess that they're pretty worn if they're coming out.
You used to be able (probably still can) buy a spring rebuild kit (new spacers, straps, etc). I know they did a rebuild in an issue of Corvette Fever once. I would think you'd spend about $35 for one. Personally, I'd trim the hanging piece off and just replace the whole spring someday.