Yes, I think you mean that you turned in the two bottom mounted set screws on each side; that push against that plastic protector tip under each engine head? That'll rotate the entire arm up and inwards as I think you described. I left mine at the neutral setting for the moment.
I just came back from a ride testing the Ergo III's for fit; and I think I need to adjust them more so that my legs are more straighter. I can currently stick my heels up on the top of the Trident peg; which gives me full leg extension... but I feel a little awkward doing that.