Just added some volume reducing spacers to my Monarch shock and it does seem to ramp up more now, but it also sounds very noisy now, a bit like when forks need some lube on the stanchions. Is this normal?

What kind of noises?

My forks only make squelchy noises when they are fully lubed up, this is good.

When they go dry they are silent apart from the damping oil moving through the circuits.

squeeky budgie sound?

It sounds kind of squelchy and wheezy at the same time, whereas It was very quiet before.You can hear a kind of hiss just pedalling on the flat, but I’m sure it’s not leaking.

its supposed to sound like that. squelchy, wheezy sounds are from the fork is doing what its supposed to do.