Please help me with setting up Seaclone Skimmer

Hi Gurus,
I am in the process of setting up a reef tank. I have 60G tank which was 4 months old. Actually it was 2 years old, but we moved 4 months back so I have to completely reset the tank. I have one tomato clown, six line wrasse, 3 damsels, urchin, star, 15 snails, 20 Hcrabs. I have Xena and green star polyups. Have around 60lbs of LR. Fluval 405 filter, 3 power heads, Current USA Dual Satellite Compact Fluorescent Fixture w/ Lunar Light 4X65W Dual Actinic (420nm/460nm) and Dual Daylight (6,700K/10,000K) bulb.
Just got a Seaclone 100 protein skimmer. It is up an running for the last 3 days. Producing lot of bubbles. Got it reduced by putting a sox over it, thanks to the forum members. I am not sure how to set the air valve? Should it be one turn or ... Also should I wait for some more days? I couldn't see any foam in the center tube of the collection cup.

Your help is appreciated in this regard.