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How tight do you make the knock-on hubcap? I always tighten until they ring. Remember that on a Rudge type hub it is the taper that drives the wheel, not the splines.
I can't imagine that a greased taper would have that much friction. Also, if the taper drives the wheel, I would think the splines wouldn't wear.
I have a knock-off wrench and tighten the knock-off about half a turn after I can no longer turn it by hand.