Valley Rope Skeg Questions

I recently acquired a beautiful 1993 Anas Acuta for what I feel was a great deal. As a novice this is a boat with a steep learning curve to jump into, but I’m willing to put in the effort and enjoyed my first maiden voyage with it the other day. That being said, I’m not that familiar with the rope skeg systems of that era and have some questions about how it works. When I took it out the other day, I realized it had slipped out of its housing and was trailing around in the water underneath the hull. I was able to get it back in so that it was held in place without slipping out again, but was not sure how to rig it so it actually worked as it was designed to. I placed the bungee around each side of the axle and thereafter, it wouldn’t deploy, but audibly rattled around while it was held inside. Can someone please tell me the proper way to align the bungees around this so that it will properly deploy and stay intact? I’m sure this is super easy but for some reason it is eluding me how to do this…I have included photos below.

Also, I have noticed that the pulley system seems off. The wheel on the pulley is actually aligned with the deck line rather than the rope that pulls up the skeg. Shouldn’t it be the opposite? Furthermore, the 2 pulleys each seem like they could easily add some scratches on the rear deck. Is there a special spot to place them or any ideas to prevent that from happening?

Many thanks in advance!

93 AA with a rope skeg. Bungee looops through the fwd hole to rotate the skeg fwd. The rope runs to the aft hole and secured with a flattened end. Looks like yr pulley is inverted.

This was very helpful. I appreciate the photos!
Many thanks!