I noticed that the olive part of the air fitting for the front struts has a flat notch cut into it on one side. Is there a certain orientation that this olive needs to sit in the valve for the system to work correctly?

(picture borrowed from SNG Barratt for illustration purposes)

 

not. put as it will, no difference

 

This cut is specially made so that when you remove it from a hose, this thing breaks down and you buy a new fitting ..... this is true.