You have it right about the mis-alignment spacer- usually you use a larger Heim with the mis-alignment spacer to reduce the bolt size to gain full travel of the ball. The only issue I have is that all these little parts -bigger Heim,cone spacers,bung & mis-aligment spacers make just one ball joint about $30. a piece!(without the bolt/fastner)+ fabrication time, most standard ball joints are in the $20. range. No doubt that it's the most durable way to go assuming you buy a GOOD QUALITY Heim. A Heim bends realitively easily if it gets max'd out, so it's critical to have the ball central/nuetral to the outer case to minumize failure.
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