The smaller inner rubbers are to limit motion in the vertical plane. The larger rubbers are supposedly composed of somewhat softer compound and the smaller inner ones are a little harder. I have some doubt about this, but no matter, the larger rubbers will allow freer movement until the amplitude is large enough to contact the inner rubbers which will more rapidly decelerate the movement. Sort of like progressively wound springs.
I'm not sure what you are asking in your second question. I am not familiar with the Hemmings adjusters, so am I to assume these fit with existing Isolastic rubbers? The late ('75) style rubbers are bonded to a single tube which eliminates any alignment issues, but with the older style, when you install the outer rubbers, they are usually tight enough to the middle tube to hold it in place by friction. If you are asking what keps the inner rubbers on the tube, it was friction olnly on the pre-'72 and in '73-'74 they added snap rings to locate them before going to the bonded tube for '75.
I hope this answers your question.