Hi azconvertible,
Yes, the adapter can be used without the stock spacer. As a matter of fact, the Clifford adapter is designed to mount on the manifold without the spacer, and without the need to twist the carb. I have been running without a spacer for a bit over a year and have not had any issues.
Regarding the two primary types of adapters, there is a useful post in the Tech section of this forum. Worth the time to look at.
Direct mounting of a Weber / Holley 5200 has not been done yet, to my knowledge. However, there has been some discussion on the subject. One of the issues identified early on was the need to make an adapter with enough height to allow the mounted carb to clear the valve cover. As for the choke down concern, the Clifford and the Stovebolt adapters are nicely tapered. The surface area of the 32/36 Weber bores is 2.9" sq. The surface area of the 1.5" carb bore head mount is 1.8" sq., the 1.75" carb bore head is 2.4"sq. If you are usng the 1.75" carb bore head I don't think there would be much to gain with a direct mount. Particularly when you consider that the 32/36 is progressive. Since most of us use the later head as the basis for HIPO mods, I think the direct mount of a progressive carb is more trouble than it's worth. As for the progressive carb choice, I m a strong supporter. Keeps the torque curve where you want it for a driver and flows plenty of CFM when you need it.
There's my 2cents - Steve