Correct. That would make the spacer more resistent to slipping and would hopefully move the shear point above the spacer. This way when you pull the arm if you shear studs you can pull the spacer and have some bolt to grab ahold of. If you used a 1" spacer like me it would leave you 1" of bolt to get ahold of with vise grips and spin out. There is no torque left on the bolt so they just spin right out.
Harley