I would start with one pin at 10 yards then move back in 5 yard incraments. once you get pretty proficient shooting at 10 to 20 yards with one pin then I would set the first pin at 20, then you can begin to start shooting at longer distances and sighting youre other pins at 30 and 40 yards because the distance between a 10 and 20 yard pin is just too close together and it is reasonably simple to judge how much an arrow will drop from 10 to 20 yards
you really need to make sure the arrow rest is in the center of the string and that the nocking position is in the proper location because this is the most inportant part of of consistantcy and accuracy, always remember move the sight in the direction that the arrow is shooting off.
JM.02