Extremely informative. Great explanation for even the newest of the new.

The only thing I'd add is a safety issue:

MAKE ALL ADJUSTMENTS FROM BEHIND THE PROP!

Secure the plane mechanically, using a rope and tree, a helper, whatever, never attempt this alone unless the plane is firmly attached to something solid. Then quickly go back around to the rear of the plane and carefully make the adjustments. If the engine quits, you have to move back up front, but at least you won't be reaching through the prop to adjust your needle valve.