Yes, and no.
The early repair manuals said that you had to have the big slit on top, the little slit on the bottom. But I have a 1954 Parker repair manual with an addendum that says that their research department had determined that it really didn't matter which slit was on top. It didn't say that
a slit didn't need to be on top and lined up with the nib, just that it didn't matter which one. Truth is, I see them both ways when I open up a 51.
Having said
that I like to put the big one on top because that was the way they had it at first, and it's easy to remember - like a circus tent; "big top."