Air PRESSURE is the primary concern.
Sag is a ridiculously coarse and crude method of estimating the correct pressure, but its a good start.
You should adjust your pressure to your desired spring rate, to permit good travel without bottoming, or at least bottoming harshly.
The volume spacers adjust how progressive the spring is.
Springs come in two main styles. Progressive and Linear.
The post above does some explaining with that. A coil spring can be linear or progressive. Assume for now a spring has a rate of 1lb/mm (just for the sake of explanation). If you place a 1 lb weight on that spring, it compresses 1mm. If you add 15 more pounds, the spring will compress another 15mm, and be 16mm compressed. A linear spring follows this "linear rate" until it is completely compressed.
A progressive spring goes as follows. (And how progressive the spring is depends on how it is created, but lets assume a constant curve progressive)
The first pound of force compresses the spring 1mm. But, to get it to compress another mm, I must add 2 extra pounds. The next mm of travel then takes 3 extra lb. To compress this spring 5mm total , we need to add it up this way:
MM 1, 1 lb
MM 2, 1lb + 2lb
MM 3, 1lb + 2lb + 3lb
MM 4, 1lb, +2 lb, + 3lb, + 4 lb.
MM 5, 1lb, + 2lb, + 3 lb+ 4lb, + 5lb for a total of 15 lb to compress this spring 5mm! The Linear spring only took a total of 5lb to compress the same 5mm.
Air springs are ALWAYS PROGRESSIVE due to the fact of compressing a set quantity of a gas results in an increase of pressure. (Feel free to look into 'ideal gas laws' and/or combined gas laws)
Those tokens allow you to be able to give yourself a more progressive, or less progressive spring rate.
As air suspension has a few drawbacks, such as suppleness and small bump compliance due to "stiction" (static friction) due to the many air seals required to prevent air leaks! As a result, many people run a lower air pressure (lower spring rate) to make the suspension more supple and small bump compliant. (Since a lower spring rate takes less force to compress as stated above). The problem is, in order to make air suspension nice and supple, you dont have the true proper spring rate in there, and you can bottom out very easily. You can combat this by adding these air spacers. They cause the spring rate increase more rapidly, (increasing progressive-ness). This in theory allows to to run a lower air pressure (softer initial spring rate) to allow better small bump compliance and compression of the suspension, while giving you a firm spring rate near the end.
Where is the right setting? That's up to you, and what you want the bike and suspension to feel like!