Well, I tried wearing a wrap, but I found that it just got bound up under the head when I hung (ow). Then I tried wrapping the head a little, but to no avail. Not really sure what kinda wrap it is, it seems to be nice though, and pretty durable. I cut it to where its about 2.5" wide and 12" long, then I spiral it up the shaft.
I'm not sure which is the front and which is the back, but I hang with the grippers (bubble type things) on the back on the shaft closest to the base, cause I find it holds better that way. My settings for that is nearly all the way in, maybe about 1/12" and for the opposite side, it's about 1/8" out. After I get the hanger on, I tighten the side closest to the base a few more turns and get to hanging.
I will give your settings a try, and also is there anything you could reccomend for the hanger twisting while it's on? I usually put some things next to the hanger weights (shoes, etc..) to keep it from turning.
-ItsElectric