Here's a series of tests.
1939 Fender with 11t S2
In a compromise to cutting anything on the fender, I drilled a 2nd mounting hole for the seat stays mount position allowing the fender to rotate about a half to three quarters of an inch
A little nicer fit where it meets the guard.
Seems like a better fit.
![IMG20240627134216.jpg IMG20240627134216.jpg](https://cdn.imagearchive.com/ratrodbikes/data/attach/271/271289-IMG20240627134216.jpg)
1939 Fender with 11t S2
![IMG20240627135343.jpg IMG20240627135343.jpg](https://cdn.imagearchive.com/ratrodbikes/data/attach/271/271290-IMG20240627135343.jpg)
In a compromise to cutting anything on the fender, I drilled a 2nd mounting hole for the seat stays mount position allowing the fender to rotate about a half to three quarters of an inch
![IMG20240627135819.jpg IMG20240627135819.jpg](https://cdn.imagearchive.com/ratrodbikes/data/attach/271/271291-IMG20240627135819.jpg)
A little nicer fit where it meets the guard.
![IMG20240627140710.jpg IMG20240627140710.jpg](https://cdn.imagearchive.com/ratrodbikes/data/attach/271/271295-IMG20240627140710.jpg)
![IMG20240627140741.jpg IMG20240627140741.jpg](https://cdn.imagearchive.com/ratrodbikes/data/attach/271/271296-IMG20240627140741.jpg)
Seems like a better fit.