The alignment of the 2 final drive sprockets should be the prime consideration; this can be checked with a string or any number of laser projection tools which are inexpensive and readily available or suitable straight edge types of stock. You do not have to install the wheel, but if not you will need sufficient spacers to simulate the width of the hub, speedo drive, yada, yada.
When you are satisfied with the sprocket alignment you can install the chain guard and see how much clearance you have with the rear sprocket. If you find it too far off center you can, as Concours mentioned, do some bending which can be very satisfying especially if you don't ruin the guard. I have found that there is some wiggle room to be had by tweaking the front guard fixing bolt with the oiler/spacer fastener slack. If the guard is tight to the chain run to the right a washer/spacer can be placed between the shock mount and the "slotted cage" the rear guard mounting bolt slips into. If you use this solution be sure to use, and shape, a larger enough washer/shim to give the "slotted cage" sufficient contact/support such that it doesn't vibrate and tear.
Best.