Connor,
As Pyrobob said, Loki 38mm motors are designed to work with the CTI DAT Tool. Any drill bit will work, but they MUST be drilled to the correct depth, and using the DAT Tool ensures the correct depth is drilled every time.
On the products page for
38mm hardware, the nozzle size is listed for each commercial motor. As Jason mentioned, the exception to this is the 38/480
I-110 moon burner. It uses the #16 nozzle from the 240 hardware. On the front of every instruction sheet, there is a small chart which lists the motor specification and delay times for each reload. This includes the nozzle throat size and case length
Don't get confused though by the 38mm EX hardware. The only difference is that the EX hardware comes with a plugged bulkhead and the next larger case sizes nozzle. In reality, you can get any nozzle throat size you want to request on an EX motor.
Jason, just to correct you, the 38/480 is a #19 nozzle. The 38/740 has a #22.
Loki Research has never had a spacer system. The concern has always been that if the user does not properly clean the hardware down inside the case, the forward closure o-ring may not properly seal when it's 4.5" down inside the case, resulting in a burn through.
However, I have recently purchased some aluminum tubing in which to make spacers from. There is no doubt they will add weight to the hardware though, and they would need to be certified for use first as well. There would be 2 spacers available, in 2.19" and 4.5". The 2.19" would work to adapt the 240 down to the 120, and the 4.5" would adapt the 740 and the 480 down to the 480 and 240 respectively. So with one of each, you could purchase the 740 and 240 hardware and fly the 480 and 120 hardware, but you would still need to purchase the #19 & #10 nozzles for the 480 & 120. Just know that this is not something which is right around the corner though. It is more on the horizon.