I cut the spacers to length, drilled and tapped the steering stem adapter, and drilled the fender mounting plate to match. I took the opportunity to countersink the fender mounting bolts, mostly because I had stainless countersunk head bolts of the proper length on hand. i might round the corners of the alloy plate at some point.
The whole lower part of the steering stem is a ridiculously overweight and overly complicated monstrosity. But one more task can be checked off the punch list. The rear fender comes next.