These are the two images from my manuals.
left image is for 454
right one is from a V6 manual. The sleeve does not show the cut outs but I added it for comparison of the over all assembly.
It is obvious by the photo that the sleeve is ON TOP. Note the orientation of the cut outs in the sleeve. They point towards the engine block at ~ 10:00 and 2:00 o'clock
The only issue is the circular gasket. One image shows it below and the other above.
I am not sure it matters as the height of the sleeve will be the same.
I would say go by the image on the left!
Been a while since i have physically been inside one.
Also the image of the thermostat itself is the original OEM type. Mine lasted almost 30 years and finally failed.
interesting, every time I’ve seen one the thermostat is sitting on top of the sleeve directly under the top cap. That’s why I wasn’t sure if I should follow the diagrams I was seeing online.
I will replace lace how I see it here.