I was given a bike temporarily (which could turn into permanently), and the owner gave me the green light to make adjustments so it'll fit me. It's a really nice Ti Merlin with CF seatstays and a CF fork from the early 2000's. I changed the stem out and lowered it (borrowed a torque wrench from the LBS and set it at 6Nm), but the steerer is really long, so I had to put a lot of spacers on top. There's 35mm of spacers above the stem and 15mm of spacers below it. CF scares me, so I wanna know if how it's set up is safe. If I end up keeping it, I'll definitely cut the steerer.

Here are some pictures:

A picture of the steerer/stem area:


Pictures of the top cap/bolt:




A picture of the inside of the steerer:


Note there's some sort of expansion plug inside there. The top of the expansion plug is above where the stem is clamped.