If I remember correctly from doing mine, there is some play in the attachment holes that would allow you to move the sensor around a little. I positioned mine to be as close as I thought I could go without risk of hitting.
96-03 there is no adjustment. There is an alignment pin on the timing cover and corresponding hole in the back of the snsor that keeps you from being able to position it beyond the play in the bolt thickness vs the bolt hole spacing.
Air gap was done for the 87-early 90'*. There was no pin and the holes allowed for the adjustment. Incorrect adjustment usually showed up quickly by the sensor hitting the interupter rings and being wiped out.
00 Regal GS: All kinds of cool stuff.