This 327 small journal is out of a chevelle and the rods(stock) have little holes in the cap that squirts oil on the cylinder walls. Which was should these holes be facing against the cylinder walls. Does it even matter which direction or does it and which direction should they face?

Pics
http://pg.photos.yahoo.com/ph/kcard2003/detail?.dir=a61c&.dnm=e846scd.jpg

The side of the rod with the chamfer should face towards the couterwieght. If the cap is installed so the two halfs match (rod/cap) you got it right.

Chess,
The most important thing is that the side of the rod that has the bearing "tangs" needs to face out towards the oil pan rail. This will locate the chamfer that 67 mentioned correctly.