When I changed the oil on my bike (bought secondhand) it too had the O-ring in the wrong place. If the O-ring is in the wrong place then I guess that means that more oil might leak past the brass plate and therefore not pass through the filter material, at worst meaning that a little oil won't be filtered but probably not making a great deal of difference (I hope not anyway!).I downloaded a copy of the service manual and a diagram on page 03-14 shows the correct position of the O-ring. Also it is evident from the newer design of cap that the O-ring goes between the brass plate and the metal washer. By placing the O-ring on the stud between the washer and the base of the cap it is not going to serve any purpose. It's meant to form a seal while allowing the brass plate to slide on the stud should the oil filter become blocked, therefore allowing oil to bypass the filter and still circulate around the engine - the spring tension determining the oil pressure at which the brass plate will move. So as long as the filter doesn't become blocked it probably won't matter if the O-ring is in the wrong place (except it might increase the chance of oil leaking from the cover?).Yes, I remember reading a bit about it some time ago, but I thought it was worth mentioning it in this thread.
I see your reasoning and all that makes sense theoretically. In real life I have not seen anything remotely affecting the performance. I think the reason that it did not make any difference is because the design has multiple back-ups that prevent any leaks to occur. The raised ring near the edge of the brass plate is pushed against the filter by spring on stud, stopping or minimizing anything getting past it. And then there are more rings and gaskets to prevent leaks.
The small o-ring perhaps does nothing to stop anything because it is so thin it cannot withstand much pressure and it can be easily overrun or cut by the edge of plate.
I have attached 2 photos of 'NEW' cap obtained from CMW US. There are rings and washers even on the side of brass plate facing the filter - which is completely different from the 'original' cap. It is also different from the picture of the cap shown in the Hitchcocks catalog.
There is no evidence that one way works better than the other or one needs to buy version US vs. version UK.