I also believed that the screw should be bottomed against the shoulder. With the upper guards and nosecap removed I can loosen the screw and the inner band is free to move, rattle even. Tightening the screw will pull the muzzle noticeably upward.
If the thunderstorms stop I will try adjusting the tension of the inner band screw. Right now my backyard range requires a canoe to get to the targets 8^(
Thanks everyone for the info, very helpful.
DAve