Bowboy,it sounds like a spine issue but I would check for contact first.I always try a bareshaft through paper to eliminate contact from my setup and then check a fletched arrow.
I have a Whammy and I have zero contact issues and think it is one of the simplest rest to setup and tune.
I believe some have had to use different prongs than what the Whammy came out with orginally.The prongs have been redesigned but I don't have issues with the old ones.
Did you measure down 1 1/4" from the cable guard at full draw and mark the up cable and put the cord in there?
Go to there website and watch the video.It shows you how to time it once you have measured down 1 1/4" at full draw.
http://www.watchtheoutdoors.com/showcase/hunting/spot_hogg.html
Does it look like this?