Paraphrase of steps in Peavey Dyna 5 Manual
(OP has five-string version)
1. Adjust Truss (Torsion) Rod. (To adjust straightness, or relief) Tune the instrument, check for clearance between strings & first fret, clearance should be no less than 1/32 and no more than 1/16 at the first fret, check for clearance strings and the twelfth fret, clearance should be no less than 1/16 and 1/4 at the twelfth fret. To increase clearance-loosen the truss rod (counterclockwise), to decrease clearance-tighten (clockwise).
Repeat above steps until proper clearance is achieved.
2. Adjust Neck Tilt. Relieve string tension by detuning bass 1-2 steps, on neck plate in back of instrument-loosen the two screws closest to headstock-1 turn each, loosen remaining screws-2 turns each (the 2 final screws are closest to bridge), adjust string height with 1/8 allen wrench by placing wrench in the hole located in neck plate-near the 4 screws. Turning the wrench clockwise raises end of the neck-bringing strings closer to fretboard, or turn counterclockwise to move strings further from fretboard. After adjustment tighten the screws-using equal pressure or torque on screws, tune bass, and repeat neck tilt adjustment as necessary.
3. String Spacing Bridge Adjustment. Roller wheels on Schaller bridge allow for the user to select narrow, or wider string spacing. Start with outside wheels, and adjust each to desired outside spacing, and adjust inside wheels for equal spacing after outside spacing is already set.
4. String Height Bridge Adjustment. The individual saddles work in conjunction with the neck tilt to determine overall string height. Individual saddles can be adjusted to follow the curvature of the fretboard to maximize sting/fret adjustment (8 radius). This adjustment requires accurate gauges.
5. String Intonation. (not considered in this post).
