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Got this beautiful floor model MW 2182 for a steal. The only issue, if it is one, is that the second valve stem is a tad bit shorter than the other stems. The piston goes down without any friction, and the horn plays well. What could be causing this?

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What do the felts look like under the cap (where it screws into the casing?). Seems like that part is too thick ...?

I would think that it's probably the felts. I don't see how it would easily end up with one valve stem shorter than the others. An extra or maybe folded over felt seems much more likely.