Parting tool seems off

It’s about 0.045" below centerline and at the highest range of adjustability. That doesn’t seem right, so O didn’t use it.

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You have to mount it above the highest point the thumb-wheel can obtain. Just set it to centerline.

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Sorry, here’s another photo

It appears to be all the way up.

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Hold it at the correct height and lock the tool holder.

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It is. You can’t rely on the preset. You have to hold it at the appropriate level when you lock it in place.

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OK wasn’t sure if it would slip down - thanks guys!

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The taper wedge lock will hold far more force than it takes to break that adjustment screw.

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That’s what locks it in place anyway. The wheel is just for quick change repeatability.