Yes it should be controllable lower than .7 amps. I'd return the unit with an explanation. My power panel is a differnet brand and it'll adjust down to 0 amps and up to at least 4.0. I havent taken it higher than that, so I'm not sure if it'll peg out.
The hot-shots are great, (I use them sometimes) but some folks like the capability to see the current going to the plug and be able to adjust it.