B-S connection will make the guard FET have a lower,
natural VT while B-sub will raise it. This (B-sub) may
help or hurt leakage, depending on whether drain
leakage is or isn't gate-controlled @ OP. B-S on the
other hand imposes a shunt C in the middle of the
cascode which will change the dynamics of a current
mirror (at least on JI technologies where you're going
to be dragging a big well - substrate C around for at
least one type).
If you're using cascoding to stand off voltage beyond
D-G, D-S ratings, you have to also respect a D-B
limit which is not always clearly expressed (often a
B=S bias is assumed, for "digital" flows).