Shim the bit up to exact center height and the tip will disappear.
Lock the thumb screw down on the back of your carriage and it will face off without moving.
Watch the DVD that came with your machine.
I bought some of these and the rollers are poorly made. I am rebuilding them by changing the rollers and bearings and should have them for sale in a few weeks after I rework them.
Canvas Based Phenolic is stringier looking and better for ferrule tip combos as it seems to hold up better and holds chalk better. Linen Based Phenolic has the sheet/cloth looking pattern and looks nicer for ferrules, butt plates and rings.