I'd recommend raising the front wheels off the ground for this task. Before you begin, mark the adjustor ring and adjacent motor housing so you can always return things to your start point. Loosen off the two pinch bolts, and you can now turn the adjustor ring by hand. Turn the steering wheel left and right to get a feel for the resistance in the column, then rotate the adjustor ring either way, noting the change in the steering feel each time. Rotating the ring a long way in one direction will make the steering tighten up, rotating it the other way will introduce some free play (particularly noticeable if you "jiggle" the steering wheel from left to right).
This is the process I go through to set the adjustor ring. Once I'm happy, I tighten the pinch bolts and then feel the steering again afterwards (the weight of the steering can change a little with the tightening of the pinch bolts). When everything feels good, drop it down and take it for a test drive. If you're satisfied, re-fit the plastic trim panel and give yourself a pat on the back
2003 3.0i E85 Z4 Roadster in Sterling Grey | E46 M3 seats | Gaptech | Stubby and proud!
<My name is James>