Aren't they FUN!!
I had about the same problem but after trial and error "figured out" a little trick.
Since all drills are not the same as far as spiral, you have to juggle the settings when those two adjusting fingers move in to the cutout/spiral. Holding the drill bit after doing the initial setting and just snugging the collet down, rotate the bit as you look at the non cutting end. Go a degree or two by guess clock wise. What that does is move the drill heel to a negative angle against the sharpening wheel and therefore lower then the cutting edge. I only give the point a thinning cut (split point) if it's 135* and 3/8" or larger - but that's an eyeball cut and usually wont be worth a dam' as it's usually inconsistent, side to side. IMO.
And as always, it works for me and am happy with my 'gadget'