you can check the adjustment w/ a multimeter. I don't have the repair manual for the 4r right now, but you can download it from the TIS site if you don't have it. you will just read voltage across it at idle, and again at WOT (ignition on but engine off). To see the performance of it, its best to use an analog multi meter, where you can watch the needles sweep to look for a dead spot in it.
My other suggestion to all of you that have these higher millage trucks, look into buying a scan tool of your own. The ones at the auto parts store only show codes, you can do some much more w/ the OBD2 vehicles. I have the Auto enginuity scan tool, which works very well for the price. another one to look into is the OT1 from Innovate. I have this one as well, and will allow you to do a lot, BUT this product is still new and has some bugs, so unless you are very patient, you may want to stay away w/ this one for a while.