It isn't so much adjusting the pump as it is adjusting the location of the pump relative to the water level. To explain, if you put the pump under 16" of water and have a failure the pump will continue to pump water out of your tank until the water level is below the level of the pump... which, I can tell you, can be a good chunk of water. However, take that same pump and place it 3" below the water line and you will get two things (1) increased flow due to decreased resistance of potential turns,etc. and, more importantly, (2) in the event of a failure the pump will only continue to pump until the water level gets below 3" (still a lot of water sometimes, but a whole lot less than 16" and it could very well mean the difference between a dead tank and a live tank.
it really is just a matter of cutting the line from the pump down to size. Nothing regarding adjusting the actual pump.