Clive, the book simply says ‘turn the screw anticlockwise until the blade is tensioned’ – like you I back it out all the way, though it may be worth experimenting to see if there’s a sweet spot near the top..
As I’m sure you know, it’s important to keep the moving guide as close to the work as possible.
If it’s very ‘wandery’, then as already suggested I’d examine the tyres, if it’s a s/h machine also look at the inner side, I’ve heard unscrupulous people turn them inside out which leaves them a bit ‘hollow’..
The speeds of the Draper are listed as;
160 m/min – for non-ferrous metal
750m/m – sawing wood
1200m/m – for using the 1/2″ sanding belt (included as an accessory)