Not he same principle at all. The serving being moved up or down is actually closing or opening up the "hole" in the string you create by installing a peep sight, thus twisting the peep because the string is twisted around the peep sight.

I am telling you that it will not fine tune your peep. All it is going to do is shorten the string which is actually adding twist to the string. If you shorten the string and maintain the same amount of twists you actually add twist to the string.

Moving it up or down will not change the orientation of the peep sight. It will simply twist the "peep aligner" around in the string. Just like your peep sight does when you move it up or down in the string.

The only way this thing would change the peep orientation after the initial installation is if they were to come in different sizes.