I assume that the change to the suspension system was made when the ride height control system was introduced. For some information on this setup you can check here:
Resources - Bristol Cars - Owners and Enthusiasts Forum
The floating bearing is a needle roller bearing in a cylindrical housing. To protect the needles they have to be greased from time to time or else moisture will damage the rollers.
In the attached picture you can see the end of the torsion bar wich slides in the floating bearing.