Mike--it is as you say, but I do have the moving wedge that is adjusted with the square key. (which was missing so I had to make one) I had the same trouble as Vic in that things were not lining up properly when the wedge was tightened. I have added to the two "rear" non-moving pads with the SteelBed, and have to see how best to adjust the front moving pads held in place by a screw. I bought it rather cheap because one of the moving pads was missing. I made one by cutting off a tiny file. The file flat I shaped for the long narrow portion, and the fatter round metal handle of the file (only 3/16 of it) became the "pad." Looks about the same as the other. I had to remove the temper and drill a hole for the screw. I have also thought, Vic, that a shim could be placed beneath the movable pad and either could be drilled for the screw to hold it in place, or could just be trapped inside the slot underneath the pad. It would move the pad outward, and could give a measurement of how much of the pad was missing, especially if one made the shims out of a set of spark plug shim guages. You would know exactly how many thousandths was required to sight it all in. Otherwise, you must get new pads or material added back to the pad. Since it is removable, heat is not an issue, but set-up cost for a tig welder might add too much to the overall cost. One would think that as long as all 4 pads were equal, the wedge would tighten it up straight, even though it might be slightly off center, yet parallel to the inside of the barrel. If it doesn't bore sight very close, I for one will not be firing it until it does. It would be my luck to dent the barrel from the inside! Glad to have several minds working on the problem...Steve