Depends on the chainring. Aluminium granny rings are thicker than the thickness of the teeth, and usually have the teeth slightly offset to one side, so if you reverse one of those, that alters the effective spacing between the granny and middle chainring. They also have the mounting holes relieved on one side for the head of the chainring bolt.
Stainless steel granny rings are normally no thicker than the teeth, and have no relieving of the bolts holes, so they are fully reversible.
Nick