Yes, just slacken the grub screws and lift it a little, you won't hurt anything doing this. By adjusting this, you can set where the pitch controller knob sits - i.e. adjust until the platter is running at correct speed with the knob set at or near the centre of it's adjustment range.
“Music has always been a matter of energy to me, a question of fuel. Sentimental people call it inspiration, but what they really mean is fuel. I have always needed fuel. I am a serious consumer. On some nights I still believe that a car with the gas needle on empty can run about fifty more miles if you have the right music very loud on the radio”
Hunter S Thompson