Does it matter what way the cock feather goes?

yes, i shot it up, but i think it can be shot straight down also - whatever gets you clearance

Up or out, down might work (but you'd be pushing it IMHO).

With the low profile vanetech vanes it would matter much less than it will with blazer style vanes.

There is one good way to find out .

I had to turn mine out to clear the riser and cables. The rest should not be an issue if it drops away, correct?

tkycaller, that is correct but the Blazers like yourself and myself, the higher profile makes them an issue, up or out is much better than down unless your clearance is fine...

I need to turn mine to just miss my cables.

Same as you Rob Up or Out to get clearance on my Old Glory, I personally shoot cock feather up.

I shoot cock feather out with my Bowtech Liberty to clear the cables (same rest). Feathers are a little more forgiving if you do have any fletching contact, but you should be able to align it so you don't have any.