Hey hey, another fellow 350 owner!!!
If, by recessed, you mean chamfered, and I believe you might, then I recall it going on the bottom side. Regardless, there (should) be a mark on either side of the ring, like a little dot, that should indicate the top, and it should be located near the split. And remember, when assembling to offset the rings 180 degrees, and make sure the "split" is oriented towards the crank ends, not towards the "tires".
I am assuming that the whole operation is quite cajun'd (like a catfish in new orleans!), so it might not be possible to make out the mark on the top of the ring... A good cleaner should make this mark viewable, regardless.
What I said may contradict what the other stated, but I seem to remember it being that way. But, I definately remember there being a mark for "top" (of course, I should say I can't remember what I had for lunch...)