I was recently fighting an oil leak with my adapter. While it SEEMS like you can clock it any way you want with it. When I put the adapter against the boss on the block with no gasket or anything and spun it around. It did feel to "fit" better in the slightly down position. While spinning it you can feel it almost sliding into a grove. Now that might just be my block because that's how it was mounted 10 years ago when the engine was rebuilt. But I did also notice a small flat spot along the side of the adapter. Making me think maybe it has to match up somewhere on the block (although a close look at the block didn't show the same).
I'm glad to say that after I did that I was able to fix my leak and have no problems since.