Assuming that you do not have the factory Carter metal sleeve to aid in this procedure.
So:
(1) remove the plunger from the pump housing
(2) unscrew the brass plug from the bottom of the plunger
(3) remove the old leather cup and expander spring
(4) install the new leather cup and expander spring
(5) CAREFULLY thread the brass plug into the bottom of the plunger and snug (a 6 foot cheater bar to tighten is not necessary)!
(6) place a few drops of light machine oil on the leather cup, and smear the inside of the pump housing. 3 n 1 oil, sewing machine oil, etc.
(7) cut a strip of light cardboard just a wee bit wider than the width of the leather
(8) wrap the strip around the leather cup, compressing the expander spring, cut the strip lengthwise such that the ends just meet
(9) tape the 2 ends forming a cardboard sleeve
(10) using the cardboard sleeve to keep the leather and spring compressed, press the refurbished plunger into the pump housing.
The above works! If you do this frequently, the next time you order a rebuilding kit, order the factory Carter metal sleeve the correct diameter (there are 4 different diameters) for the carburetor in question.
Jon