You can adjust it up and down but not micro.You shouldn't have to move the nocking point,we are talking very small amounts here.Mark the rest where it is at and then adjust it up and down slightly to check groups.
I believe you are trying to explain the french tune method which does work but I don't use it so I am not the one to be giving advice on it.
I generally like to do this a couple times because we all have those good days and bad days.