The fact that the previous owner was clueless is VERY troubling, but you already bought the car.
On top of what was already said, pray the motor doesn't spontaneously shoot chunks out of your bottom end, and if you can't see the intake filters in the engine bay, you'll have to remove your bumper to get them *unless you're incredibly flexible.*
Oh and yes the oil spacer is to provide more oil to help with cooling and prevent oil starvation on very hard corning, only seen one case where that caused a failure though.
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