The 4 position front sight is fairly easy to adjust. Yes, there should be 1 allan screw for each of the 4 positions.
Each allan screw sits in a corrosponding position on the pre-set wheel.
When moving the pre-set wheel, lift up on the front sight as the wheel is turning.
The 4 positions can be set for a number of distances and "holds". example, the number 1 position can be set for a centre hold at 25yds (point of aim, point of impact). The number 2 can be set for a 6 oclock hold. The number 3 for a neck hold of a B27 target at 50 yards, etc etc. Each individual shooter can set the front sight height for whatever discipline he wishes to participate in. And each set of eyes are different.
The allan screws are adjusted with the allan wrench while it is in the appropriate corrosponding slot as set by the wheel. So have the number you want visible while turning the corrosponding number of set screw.
Don't forget that adjusting the front sight is opposite to the normal way of adjusting your point of impact if you normally adjust the rear sight. For example with a rear sight adjustment you move the rear sight the way you want your point of impact to go. With the front sight adjustment, you move the sight the opposite way. ie. If you want the group to move up, adjust the front sight down, and so on.
Hope I explained this OK. If not, ask away.