I've also been told that to set them with the red cap flush (seadoo PV's) with the black cap and focus on tuning the engine/carbs. The PV's will do their thing if the engine is tuned correctly.
i do not agree this as the spring tension does tune the point the timing changes to higher dg op exhaust duration if this is to slow then it will stay in the "bottom end timing" to long.
Is this to fast you come in the "top end timing" to soon.
Just like normall porting a race ported cylinder is lazy on the bottom as the exhaust duration is to long
And a freestyle ported cylinder is good on the bottom but more weak in the top end but will pull way better
The powervalve is closed and this is more like the freestyle porting so it will be strong off the bottom
The powervalve is open and this is more like the race porting so it will be strong in the mid-upper rpm range.
So the moment that they pop open is in my opinion important as it then make the switch from bottom end to mid-top end power (trie to explain it simple)
But also there is the option to do it flush with the caps and tune your pump/impeller combo to these settings.
In the end it is all trial and error

and the complete setup is the most important.