Well, I pulled the motor. It's simple enough, and makes the job so much easier.
I think of it this way, the more I pull on the cable, and pull that arm towards the jam nut, the more oil gets pumped in. So, to lean out the oiling ratio, I moved the nuts higher up on the cable housing, and let the housing show more threads on the oil pump side of the bracket. Does this remove any doubt about what direction adds more and what direction adds less oil?
On my 98 700, there were two marks. One was a like a little beak jutting out, the other was a dimple, like a centerpunch. When that motor blew up, I was in a massive hurry to pull it, and figure out why, so I didn't take pics. Dumb me. I had to wait long enough for the new motor, I decide to put some bar risers on for my wife, and thus required a new cable.
anyway, the install was a marathon, lasting late into the night, and when it was time to hook up the oil arm, I now had no reference point. So, I went with the most conservative (most oil) of the marks that were on the arm. She was burning close to 12:1 for that trip. yikes! But, never fouled a plug and ran like a scaleded cat. I just finished pulling the motor to go to the other setting. gonna run premix until I calculate what the ratio is, just to be sure. Oil is cheap compared to a burndown!
PE