My new bike is a smaller frame with a longer stem (130mm). Same reach, more drop, and I love it. Yesterday I was descending on it, and a lightweight training partner was pegged at 365W just trying to keep up next to me.

My flexibility has also improved recently, as I can now get my fists to the ground with straight legs.

Experiment and see what works. I'm starting to toy with the idea of losing another spacer too...