Johnny, check out this thread below this is my build thread and shows the progression from when I first got the car and where it is now.
http://f10.5post.com/forums/showthread.php?t=535457
As for the spacers, they mount inbetween the brake rotor and the wheel. So the effect is to push the wheel out away from the brakes and closer to the fender edge.
If you want PM me when you get 10 posts I'm thinking about selling these LM-Rs for a different setup.