Power Mac 380 oiler?

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Hello, A buddy brought me one of these to get running and after new bar studs, a muffler mod, and a tune up this puppy barks. It also spews oil like crazy. I pulled the oiler, from the bottom of the case, and it's a black plastic thing with a thin brass screw sticking out of the top. Does this screw adjust the oil flow? And if so, which way do I turn it for less oil and how sensitive is the adjustment? Right now it's turned about twenty turns out. This saw has a cool manual oiler that you operate with your left thumb. Of course, right now, you avoid it like the plague. Also, if you can find one of these for $10, like my buddy did, buy it. This one has some bite.
Thanks, John......

 

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one more thing

It needs a new gas cap. This one is bigger than a Wild thing oil cap but smaller than a WT gas cap. Needs to be cheap or I'll use JB weld to fix this one.
Thanks, John......

 

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Just in case anyone else has this same oiler that thin screw does adjust the oiling rate. Screwing it in=less oil. Not really handy but it works.
John