I received a reply from an expert on the subject:
That was the safety cap, which was removed and shown to the officer in charge of the battery. It was used to prevent moisture and accidental ignition. In addition there was a water cap. The Navy used numerous fuze settings: 3-1/2, 5,7,10, 15. The 5 sec fuze was the standard fuze installed in all shells and was considered the general working fuze. The fuze would be removed and others installed for different applications.