CPR SR3 Skimmer help please

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I have been running a CPR SR3 slimmer in my BioCube 29 for about 4 months now with limited success. The directions IMO are marginal for a beginner, and it seems that the CPR forum is not active any longer. A couple of issues:

1) I do not really know how to properly adjust the air valve, meaning noise vs. air flow to the pump. I frankly am not really sure what it does. Will using a wood air stone in its place reduce noise? If I do that would I then only use the height of the collection chamber to regulate amount of bubbles going into collection chamber.

2) Is there supposed to be a small o ring between the screw and body of the air valve? I don't see one, but for some reason I remember one (I could be totally wrong)

3) Bubbles, bubbles, bubbles.

If anyone can give me a basic primer on how to use this thing, and any tricks or mods there might be I would greatly appreciate it.

Thanks