If I have understood your question correctly, I would doubt if there is an adjustment as the position of the lens is unique to the lens mount - there is only one position at which the lens is locked into position. With the M39 lens in an M adaptor it is posssible to change the vertical positioning of the lens by say unscrewing it, but this would also change the distance of the lens from the film plane/sensor plane. I think that you are stuck with what you currently have in my view.