If we assume that the slotted portion of the caliper arm is the most flexible part, (because it's got a big hole in the middle of it,) then it follows that minimizing the amount of hole between the pad and the top of the hole would minimize bending between those two points.

I can't see how anything below the pad attachment point could possibly matter... unstressed aluminum, just along for the ride.

In reality?

Which ever one looks better is the right answer, because there's unlikely to be any functional difference that matters.

--Shannon