I’m used to screwing it until it stops then the cam action of the lever folding over keeps it nice and tight. With this new one, screwing it tight doesn’t allow you to fold the lever shut. I have to back it off a few turns. Is that normal?

Yep, perfectly normal.

in the pike manual it advises that the closed lever should be at 9 o’clock pointing towards the back of the bike. You can adjust them by taking it out pushing it down on a flat surface and turning the lever whilst holding the axle.

In my experience if it’s adjusted right it should be about a mm or two away from the dropout at 3 o’clock and firm but not ridiculously tight when closed.

Rs manuals are online I think, worth taking a look.

^ +1