Yea, most likely you will need a spacer. I am using Probe Ind. al. valve covers which are about the same height as the FMS and had to use a spacer. I don't know about clearing the stock hood as mine was aftermarket before the install.
I have a 1" spacer with my holley intake and motorsport valvecovers. It barely clears the hood, but I've got solid drop motor mounts. The intake STILL hit the driver's side valvecover even with the spacer. You will have to modify the throttle cable bracket on the EGR spacer to clear.
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