This has a nice explanation of the tremlune:
https://mimmotronics.com/blog/talk-theory-to-me/tttm4/I think the tldr is: spacing pot affects the duty cycle of the oscillator - with the pot in the middle, the duty cycle is approximately 50/50 and the extremes of the pot vary the duty between 20/80 to 80/20 (illustrative suggestion only).
Varying the duty cycle is more noticeable with the square wave sound, but from memory, the spacing pot does have some effect on the shape of the slope/ramp at the triangle/sawtooth end of the wave pot, but nothing like as much as the (diode-based) ramp mod would.
I didn't bother with the spacing pot on my tremlune tremelo pedal as I was happy with a 50/50 square wave trem, but when I made a synthy filter pedal that used the tremlune LFO, I did include the spacing pot as it gave more interesting variations when sweeping a filter rather than just modulating the amplitude of the signal.