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@hugo7
It will be a little neater with the bung and as you're going to have a front rack there will be an equivalent to the caliper bolt in your diagram.
The only thing is it will be more of a faff if you need to move things about - like removing or fixing the mudguard... which if you're riding it around town and locking it up might be an issue.
At the end of the day you haven't chosen the cleanest looking 'guards, so I would er on the side of functionality.
tl;dr - sharpie