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The boot retainer plate installs above the upper control arm with the boot retaining "rim" facing down, as in your second pic. If the "rim" were to face the other way, it wouldn't be able to retain the bead of the boot.
The boot installs through the retaining ring. The "rim" that you refers to is what the square bead of the boot sits into. The bead of the boot is captured between the bottom of the ball joint and the rim of the retainer plate.
CFI-EFI thanks for all the help. It seems you are the only one on the forum who knows how this works. Guess that makes two. I have added two pictures for your verification of the correct position of the boot. Please let me know if these are correct.
I know this is an old thread but I am currently replacing ball joints on my ‘95 corvette. The retaining plate doesn’t fit over the ball joint assembly and just ends up bending when I try to tighten it down. Anyone know how to get it on.