When you put the pads back on, you need to turn the hex bolt until the pads just touch the rotor. Then you turn the hex screw counterclockwise in a 1/3 turn, after that screw the lock bolt back on. No, it shouldn't matter as far as brake fluid is concerned. Will it fall out ? Don't know, never really thought about that.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....