Observe the pot initial positions in photo, this is how I set them prior to alignment.

(The following is my alignment plan)

Upper Limit Presets:
    
(Speed): CCW raises the top and bottom end RPM. (determine which end to pre-set)
    *Top end: adjust (Speed) pot for 1100  RPM.     (I chose not to adjust top end)
     Condition: low-gear, no-load, panel speed knob set full CW.
    *Bottom end: adjust (Speed) pot for 0 RPM.
     Condition: no-load, panel speed knob set full CCW before knob switch in stop pos. 
    
(Torque): CW raises upper foot-lb. limit. (torque is proportion to motor current)
    Top current(torque) limit = 5A max. use "clamp" on meter or HF item # 42396. 
    Pre-condition: Fuse = 5A, gear = fast, no-load speed set = 60 RPM,  
    Test condition: gradually stall spindle to read stall current. (may cause injury)

Regulation adjustment:* 

(Load Regulation): CW reduces the amount of RPM drop when foot-lb loading increase.
    Note: adjustment here may spoil speed/torque alignment above. If so, repeat upper
          limit presets once more and always end alignment with limit setting.

*(Note: 1998 Grizzly ESC has a bridging resistor built-in to degrade load
              regulation for reason yet to be discover, will update on this soon).

YK Chan
Chicago area
ykchan@yahoo.com