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Hi Brian,
It should just limit the travel of the trigger. I don't believe it has anything to do with air pressure. For optimum performance, you should have an air regulator added. Just a small valve to throttle the air volume would be sufficient. For shaping, you run it fairly loose and for planishing you run it tight. That knob should be directly related to the amount of pressure you can place on the dies. Full trigger pull should hold them tightly together, but if you turn the knob out a couple turns, it should hold the dies at a few thousandths separation.
If you run across any more of those, please let me know. I would be interested in a complete unit, or just the air motor.
Randy Ferguson
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