I think the most important thing is that the short and long cowstails are different - I reckon they need to be at least 10cm different. Bear in mind that your short cowstail knot ends up tighter than your long cowstail knot usually, so it will creep longer more and reduce the effective distance between them. You want to tie both shorter than you think you need by a surprising amount because they will creep 5-10cm(??) longer. [someone will no doubt come along to say you should be tying and retying your cowstails after every trip...]
Beyond that you can usually get away with a fair range of cowstail lengths (my current short cowstail is far too long but I am too lazy to retie it - it puts the top of the carabiner somewhere between my chin and nose I think, but it still just about suits me
)
Most of the problems are when passing a rebelay on the way down. Now usually you can clip your short cowstail high (but not _too_ high*) and your long cowstail lower (but not _too_ low*) which means you have plenty of spare to test your descender. But sometimes you have, for example, a large free-hanging Y-hang at the end of horizontal where clipping into a bolt of the Y-hang is not practical/safe. In this case, you basically need to be able to pass a rebelay with both cowstails clipped into the knot (which is how I pass rebelays 90% of the time anyway but I am weird
). In this case, the only distance you get to test is the gap between your two cowstails. Similar things will happen on knot passes I think.
PS Determining what is 'too high' (preventing you from getting on the down rope at all) or 'too low' (not adequately protecting you from a fall and/or excessive shock load depending on distance below you to obstacles and length of shock-absorbing rope above or equivalent) is left as an exercise to the reader...