You're pretty much right on the money with your settings. I always keep the inner sensitivity knob at 12 o'clock. In fact, I don't think I've ever adjusted that knob at all no matter what the source; it's stayed right at high noon. The outer gain knob is where I've made all my adjustments. In my experience, soundboard patches tend to run a little hot so I've found that setting those knobs around 9 or 10 o'clock is usually a good starting point. If you can get the patch from the engineer before the band starts and while the house music is playing, I've found that setting the knobs 1 click below what you want your levels to be is usually ideal; the artists will normally be that much louder when they start performing. If you're recording at 24-bit, you can run your levels conservatively and have a lot of room for adjustment in post. And if the incoming signal is too hot and you do have to make an adjustment during the set, the outer knobs move in 6 dB steps so you can find those distinct points in your DAW while processing and adjust accordingly. Some people have reported tiny gaps in the audio when moving the gain knob during recording, but if you do it quickly the effect should be minimal if at all.