I'm replacing the camber rod bushings on my 300SDL. On the passenger side 4 threads were exposed at the rod bushing. On the driver's side only 1/2 thread is exposed.

Question, should I set the driver's side at 1/2 thread or set it to 4 threads, as seen on passenger side?

I plan on having it aligned as soon as possible.

Sounds like a good idea since you are going to have it aligned. Setting them the same as the old ones may or may not work to keep the alignment.
But that rod has an effect on Caster, Camber and to a lesser extent Toe In.

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84 300D, 82 Volvo 244Gl Diesel