I don't believe it makes any difference, I am betting they are off the shelf bushings made to fit and the hole was for some other application. Check in the bore of the housing, if there is no corresponding hole, place the hole where you think it will do the most good. I don't remember anything odd about mine when I rebuilt it. When I rebuilt my '37 gear box, I used a Dremel tool with round cutter and cut a groove down the bushing to let grease flow out to the end, not sure it made any difference, but I felt like it should have.
Joe
