I really suspect there was a misprint somewhere in the past, and its been handed down ever since. What that misprint was, I have no idea. And its fairly irrelevant. The outer nut is a jam nut, and its only purpose is to prevent the "holey" ring from moving out far enough to let the pinned nut rotate.
Unless the pin is sheared or pressed in, the outside nut torque can only have the tiniest effect on the bearing preload. When you tighten the outside nut, it will press the inside nut in to the limit of the slop of it's threads.
The ring and pin combo will prevent the inside nut from turning. The tightness of the inside nut is crucial, but the outside one just needs to be tight enough to stop it from backing off under vibration.
Just to throw a different slant on it, the lock-a-matic Warn hubs on my old '60 CJ5 replaced the two nut system with a completely different setup.
It had no Jam nut. Instead, the bearing adjust/retaining nut was the only one. And it had no flats to tighten it with. It was smooth on the outside. Instead, it had a couple of holes drilled into the face of it, and you used a spanner type wrench to tighten it. The keyed washer with the holes went under it between the nut and the bearing.
There was an extra threaded hole in the face of the nut. Inside was an allen setscrew. When you got the bearing preload set, you used a 1/8 inch allen wrench to tighten that setscrew. I went through the nut, and into one of the holes in the washer. Locking the nut in place.