Up is supposedly better, as it gives more chain wrap, but is a little more fiddly getting the wheel on and off, I found.
I use a Surly, but I wouldn’t recommend it. I bust the ‘up’ spring, by over tensioning it (only way to keep the chain sufficiently taut), and managed to bend the ‘down’ spring in the same way. Seems the springs I got weren’t really up to the job, or I did something wrong.
The DMR Tension Seeker 2 looks a bit better designed, and less fiddly to set up. I may buy one, soon.
Of course, an old road mech is the true ‘ghetto’ way. You can adjust the chainline with either the stop screw, or by using a tiny short bit of cable, and using the adjuster to fine-tune it. Worked for over 2 years, on my hack SS.