Cal, I generally like my guards to be wider than the spacer on bowies, such as on a bowie with a standard bowie oval guard. There are exceptions, like fighters, such as on a fighter with a fighter style guard and a spacer. Look at the picture of the TOMB knife for this year in the gallery of auction knives, which is in the ABS award knife section, and you will see what I mean. Some hunters have spacers and a guard slightly wider. Depends on the knife.

Brion

It's about 1/48" proud of the guard that way if there is any shrinkage it won't show. Really more of a problem with wood than aged buffalo horn thin sections. IMHO

It really depends on what style of knife you are making and how you are putting it together. If you are making a stub (partial) tang, the guard, spacer, and handle material will all be flush unless you are grinding the parts separately (uncommon and difficult). On more complex styles, say with frame handles or through tangs, the choice to flush out the guard/spacer or leave the guard proud is up to the knife maker. All I can say about leaving the guard a little larger than the spacer is this: Make darn sure that overhang is the same on opposite sides of the knife. If that reveal line is off at all, it will stick out like a Honda Prius at a tailgate party.