The adjustment will just turn and turn until the spring breaks. It only puts tension on the spring. You should probably pull the adjustment out to relief spring tension then start over with the 1 full turn CCW. Just use a pair of channels to grab the adjustment and pull to take it out. The spring is behind it, make sure it's not broken.
It sounds like you may have it adjusted it too much 1 way or another.
Adjusting the tension on the spring causes the PV to close at different RPMs and it may not be closing at all right now.
After adjusting the tension, On the opposite side of the motor remove the PV window and check if the PV itself moves freely and returns when you move the arm.
**Side Note: Your PV is supposed to CLOSE at high RPM.