Assuming you make the b first, it does not matter whether you pass the working end of the second rope up or down through the loop of the b to form the d, if all other motions are the same you get the same knot -- a correct butterfly bend.
Yes, I know this.
Playing around with the Butterfly Bend and Loop, you will also find that there are numerous ways to tie these knots. I prefer this method below for both the bend and loop:
http://www.youtube.com/watch?v=QeKLU_6NLv4That method dresses properly without thinking, and it's easy to remember. When there is a loop and a bend for a knot, I learn the method that is easiest for the LOOP and then apply that method to the bend.
For me, the b and d method is not natural to use for the loop. Plus, the "b and d" mnemonic is too similar to the Zeppelin Bend "b and q". I don't like mnemonics anyway because my preferred method for learning and remembering is visual.