Not a 3 position adjuster. It's an infinitely adjustable screw but adjusted just 1 screw out as spec'd.
The sheet metal chain guard plate is new as well as the bar, both clean. I tried a smear of threebond between them to make sure the oil stays in the slot behind the guard so no leak behind the plate.
I checked the oil slots/holes in the guard and new bar compared to the previous ones and all seem reasonably the same.
My bar has no "dam" at the rear (sprocket) end to prevent oil from flowing off the back near the sprocket, but I imagine the chain movement is intended to minimize that. Maybe your "dam" solution might help.
I also thought a moment about a smear of Hylomar between the bar and sheetmetal guard to further guide the oil to the bar hole, but that could be a mess after adjustments and might backfire.
Although the chain appears well oiled there doesn't seem to be much throw off the outer tip nor accumulated in the outer parts of the bar slot, top or bottom. The excess of oil is being thrown off the rear under the cover then dripping to the floor and it is soaked under the cover.
I've had this saw since '97 and this is a relatively new problem, but then again I never really ran it much out of a cut. It does have replacement (Husqvarna- China) bar and Oregon chain. Maybe something in the fit of the two is not like the original. Perhaps the chain guide tangs are not as tall as they might be in the bar slot.