The K'nex spacer will do what you are hoping as long as it fits nicely, but the sound will be a little different from a switch without the spacer.
When you "bottom out" a Cherry switch, the slider hits the bottom casing (side parts in the case of tactile and linear types, pin in the case of clicky switches) and that makes the sound. Keycaps never impact switches unless there is a fault of some sort. If you add a hard ring, the ring will impact the top casing and make a sound, but since it's different parts impacting, the sound (and the feeling) will be different.
If you don't mind opening the switches, you could try using a hard piece of plastic in the little tube inside the spring. Add 0.8mm to the travel reduction you want (on tactile and linear types, on clicky types just use the amount of travel reduction desired) and that will give you the length of piece to insert. Less dependent on keycap profiles and won't rattle as much as loose rings on keycap stems. It should feel and sound more like "normal" unmodified switches on bottom out.