Mike,
YES, it matters.
The smallest (I think) of the Medalist reels won't convert from rigth to left, they are built backwards for left handed fly fishermen who reel with their right hands.
The 'line guard' will be on the wrong end if you just flip it over, and without it your line can become damaged.
There are lots of fly reels out there in the same price range. If you are a right handed fly fisheman, you want a reel that works correctly for you.
Eventually, Pflueger will get the message and adjust/change the reels so all of us can use them...maybe.
Good luck!
Buddy
It Just Doesn't Matter....