The bearings must be clamped by the inners ie the spacer trapped tight, if not then there will be a preload on the balls which will then wear out PDQ.
Location is as you say from one side and the other "floats" into place, which may be a bit different on each hub. As long as all the various bits on the spindle are solid when tightened, the hub should be free to spin as designed.
As long as the outer races are not hanging out it'll be fine.