IU would have to say go with what the arrow & bow want and not what you think you should see.

The goldtip arrows are what is eating your heat shrink- (if they are the rough kind?)

When I had my TR-DZ on my Patriot (same cam as your MM) it tuned a tad below square.

Now with a TT shaky hunter installed on it I had to pull 1/2 turn out of the top limb bolt to get it to tune correctly.

Was this a limb deflection issue? I dunno, just know it worked.