My guess is no spacers at all. Chain guard on outside shoulder and chainring on inside shoulder. I suspect that the spacers were used because the chainring bolts are too long. So I pick option number four. (Yes, I understand they were there before but it doesn't make it right). You will need, if I am correct, shorter chainring bolts.

If the chainring bolts are indeed too long, then I would put the spacers closest to the frame, as to only take up space and let the chainring sit on the shoulder.

Of course I could be wrong so hopefully someone else will chime in here and assist.