Again I say it,if the 3rd axis is not set to the path of the arrow,it is not set right.Ausie gave a good link that shows how to do it very easily.The 4rth axis adjustment is just an easy way to make sure the 3rd gets set to the arrow.The 4rth,in and of itself really isn't a big deal,unless you slide the bar in and out to gain yardage on a slide bar.
Here is a thread I made on the subject some time back.There a few good links in the thread,I believe all that were listed here are in it.
http://www.huntingnet.com/forum/tm.aspx?m=2282390
AND yes.when I was competing,I looked at the level on every shot.I even give it a glance when hunting,I just don't feel it is quite as critical on a hunting setup.UNLESS,you hunt on really hilly terrain where an uphill 40 yard shot is something you might run in to.