I have one on my truck now...it's the OEM part from Ford...and I never did get to adjust it...
Basically, if you want more grunt you turn it one way and if you want more top end you turn it the other...I wouldn't even bother with it on a stock engine unless you really need more of one or the other...because when you do you sacrifice normal operation...if you've built up your engine and want to race then it might be something to consider doing...
Oh, I meant to add that I did have a mild racing cam at one time so I got the sprocket to try to get more top end...but I ended up frying the head about the same time I got the sprocket so that is why I didn't get to play with it...now my head has been rebuilt minus the racing cam so adjusting it would be a waste of time...