NOT THE RISER,unless it is parallel with the arrow.The riser does not go downrange,the arrow does.But in essence the rest of it is correct.

But a level does not have to be set vertical with the riser to be correct.The second axis only has to be set perpendicular to the pins to be correct.You can cant a bow as long as the pins are vertical but it is not recommended due to it being so difficult to repeat.

Vertical with the riseris the best way to set a 2nd axis because a bow can be balanced to sit level much easier this way and is much easier to repeat.I feel it is also more forgiving this way as well due to a little off with a cant is more than the same amount off without a cant.