There are so many different positions I think it will take a while to discover which position is best...
Brian's kidding aside....
Yep, there are lots and lots of ways you can position the deflector with regards to tilt, height, and projection. Interestingly, after experimenting for years, it seems like I only need a few positions that generally work perfectly for the majority of riding conditions. I actually typically keep mine rather low and just adjust the tilt- top forward for less air and backward tilt for less.
About the only time I ever raise the height of the deflector is when I am using it with my cut-down main windscreen and there is a sudden/unexpected cold snap and raising the screen high doesn't help enough (and/or lets too much air under the main screen).