Well if there's no end play and the preload is OK then I would leave it alone, at least until you have run it for a while, then check again for end play. The clearance on the front bronze bearing is minimal, ie lock it up tight and then slacken until the spindle just moves freely.
Both the locking rings are R/H thread, though I don't suppose you were trying to move them the wrong way. To adjust the bearing you need to slacken the outer one first, then tighten the inner to pull the spindle out of the bronze bush. To adjust the bearing pre-load then slacken the screw in the adjusting collar (at end of spindle) just enough to let the collar move,and then turn the collar clockwise – towards you- to increase the loading. But if there is no end play there is no need for this, as this is how end play is removed, and too much loading will soon wear out the bearings.
To set the front bearing, pull it back using the locking rings (sslacken off the inner and draw it back by tightening the outer until the spindle is just solid, don't overdo it, then turn back the rear collar by 1/4" and tighten up the front collar.
However, if ther is play in the front tapered bronze bearing (side play), then you will have to do this to pull ithe spindle back into the bearing.
I think you probably already know this, and I don't think you need to do it in this case. But there it is for other viewers. And I hope I have got it right and it's comprehensible.
Phil
Edited By Robbo on 17/05/2013 14:23:55
Edited By Robbo on 17/05/2013 14:28:29