Does this screw adjust elevation or flipper up highth or what i cant figure it out.

No , it doesnt. WHat that is for is it goes all the way through and that is how you adjust the rest so that it isnt too sloppy or too tight that it wont go up and down smoothly, dont mess with it. The only adjustment for height is on the right hand side with the allen bolt to adjust the whole block up and down.

Don't touch that screw unless your arm isn't dropping fast enough.

If that's the case then you can remove it and move the springs tag end to another hole to increase spring tension.