Yes there is a lot of slack on these.
It appears that the adjustment is all the way in. Mine is out about five clicks.
'84 K1500 Blazer Silverado, 6.2 "red block", Banks turbo returning soon. Modified air intake. Emissions delete. 31.5" ATs.
'93 suburban, 5.7 TBI, fleet (dreamin' of droppin' a 6.2 into her!)