Does it matter which orientation the rear spacers are installed? I noticed the one on the brake side has a few grooves cut into it on one end, does the grooved end go toward or away from the wheel?

 

Not sure if it makes a diff or not, but the grooves on both my rear wheel spacers are closer to the swing arm rather than the wheel; think those grooves are there mainly for mfr identification purposes. Hope that helps.
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there is a chamfered end on the spacers that should go towards the bearing.
At least on mine there is.
That make the grooves go to towards the outside.