As said it works either way.
AC signal, so hot is constantly changing.
Reversing the output jacks is just going to change the phase of the speaker.
Like if you have the impedance selector going to the tip and the common wire on the OT going to the sleeve and you apply a positive voltage to the speaker will move outwards. Reversing the tip and sleeve connections will just cause a phase reversal. When you apply a positive voltage the speaker will move backwards now. Not an issue at all really. Only time it would be a concern is if you were running a multi-amp setup and needed all the speakers in the same phase (otherwise you would get cancellation, would sound weird).
Consider this...
Speakers are AC devices...
Yet their terminals are marked with + and -...
Why?
So that all speakers are hooked up in the same phase!
If manufacturers didn't designate one end of the winding on the speaker as + and one end as - we would all be wiring our speakers in different ways. Some would hook the "hot" up to one end of the speaker winding and others to the opposite end. So yeah, it's all about phase and making sure all speakers "play nice" with each other.
Chris...