Purely a guess on my part here...........
But, i would offer as an explanation for the non-stock dustcaps the fact that early ferrite 416's borrowed most if not all of their magnet structure from the 421 type MI speakers.
One modification that was made to these magnetic structures is that a metal disc was glued over the vent hole on the front of the pole piece. These are infamous for coming loose which drops them into the voice coil former just behind the dustcap, imagine what that sounds like when played. A repair is easily made by carefully cutting away the original dust cap, either removing or re-gluing the disc, and then gluing on a new dust cap.
FWIW, i believe the 416-8Z designation was probably correct "in house" at the time. As much as i would like to protest and say "no no no, 416-8Z is an alnico driver" i have to have faith that the people at Altec at the time probably knew more about what they were building than me.

I think the reality is that "Z" in an Altec woofer model probably has a very parallel meaning to "PL" on a JBL woofer, simply "plain label", no magnet covers or bumpers, no foilcals or otherwise fancy dress.
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