The opposed grub screws would, theoretically, make it unnecessary to use shims to set tool height. Jason and Jon seem to have pretty well covered the (im)practicality of adjustment on the machine. Only easy way I can see is to have a separate setting jig on the bench incorporating the Vee and pin mounting surfaces on a body suitably cut away for access to the grub screws. A vertical arrangement looks to best way of doing such.
Jon that round slug is a piece of tool steel to be ground as the user sees fit.
Yet another tool-holding system that stimulates my inner McEnroe "You cannot be serious.". Gotta be something about lathe tool holding that interferes with normal engineering sensibility.
Clive.