I tried figuring this out, got confused, went and had a look at my unfitted set and then decided you're right! - As you've got one leading and one trailing shoe per side it shouldn't make any difference as long as everything can be connected OK.
Steve V.

Location: Polegate, East Sussex, United Kingdom

Your proposed setup with the levers pointing down should work fine. I have come across at least two hydraulic conversions where the levers point upwards. One of them is my special which I bought in 1971. Although the brakes should be difficult/impossible to properly bleed with this arrangement, exacerbated by the bleed nipples pointing down, it's never seemed to be a problem in practice.

Location: N W Kent

Stuart,
Am I right in thinking that there are thin washers either side of the banjo to make the seal between mating faces or have I got that wrong?
Steve V.

Location: Polegate, East Sussex, United Kingdom

yes,
There are solid copper washers each side of the bleed nipple banjo.

Location: N W Kent

Thanks Stuart,
most helpful.
Steve V.

Location: Polegate, East Sussex, United Kingdom

I fitted mine rear cylinders in the same orientation as those on Morris Minors, my levers point downwards.

Whilst you can rotate the bleed nipple screw in any position, inside the cylinder, the in/out of fluid share the same drilling and to improve the purge of air, this should be uppermost, which is with the lever down, the other way, there may always be a bubble difficult to shift during the bleeding operation.

Once all the air is evacuated it shouldn't matter, but Morris Minor brakes are notorious for being bled due to trapped air and anything that makes this easier is my preference.

Location: Saltdean, Brighton

Stephen, the "bolt - banjo" that the pipe screws into and which goes through the banjo to screw into the cylinder has a shoulder that locates in the banjo and is bigger than the threaded bit that sticks out of the banjo so 2 different size washers . Larger is7/16 inch and smaller that goes between banjo and cylinder is 3/8 inch........that is internal diameters.

Hi Dennis,
I definitely didn't know that so will have to make a note.
Thanks,
Steve V.

Location: Polegate, East Sussex, United Kingdom