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Join Date: May 2007
Location: Highland Park, NJ, USA
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Bikes: "Hildy", a Novara Randonee touring bike; a 16-speed Bike Friday Tikit; and a Specialized Stumpjumper frame-based built-up MTB, now serving as the kid-carrier, grocery-getter.
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(Are you installing full fenders? If not, disregard the rest of this.)
Getting fenders to sit just right is more important than getting a rack exactly level. You want them to hug the tires, but not rub against them.
Find out which pair of eyelets will get the fenders juuuust right, then then use what's left over for the rack.