On the IR 231, the grease in the back of the housing is from using the grease zerk on the back of the housing to feed the impact mechanism grease. It is pretty neat, the grease goes all the way through the rotor and into the hammer frame. When you are putting the tool back together just blob some grease down in there about half way up.
Just be careful putting the motor back in the housing. I have done over 100 231's in the past 3 years and they are easy as long as you understand what is going on. I always completely assemble the motor without the alignment pin and take a long T handle allen that is just small enough to loosely slide into the alignment holes in the motor. Have the front of the rotor facing up and slide the key through end plate/cylinder/end plate making sure you are in the correct hole on the cylinder. I then take a vice grip and lightly grasp the rotor * NOT TOO HARD ** but enough so you can lift the assembly without it falling. I then warm up the housing a little bit with a propane or map gas torch
Then all you have to do is stick the end of the allen key into the hole in the housing and evenly slide in the motor assembly. If it gets stuck or crooked. Just hit the taller side with a little heat and lightly tap with a soft hammer. but you usually won't have to do that.
Here are a couple things that might help
1. The 2 spring washers that go on next are supposed to go in with the cup up. As in, if they were solid with the bend, you would want them to hold water, meaning cup side up.. So the outside diameter of the springs are to meet with the next part.. the ring that compresses the springs to keep the motor tight and also holds the gasket.
2. Next is the washer between the rotor and the hammer frame, the side with the lip goes against the rotor bearing.
If you get stuck go here for the schematic.
http://www.irtechpubs.com/ir_pdfs/Tools/Vehicle Service Tools/Air Impact Tools/P7394eu1.PDF
scroll to the bottom of the document for the part breakdown.
Good luck and have fun with it!
If you need anymore help just ask..