I think the one I have is the 750X. There are two things to set up... The point angle which is adjusted by adjusting the chuck cam in an arc with respect to the grinding wheel. The other adjustment is the relief angle which is adjusted by aligning a tab in the chuck when putting the chuck into the depth of cut adjustment thingy and clocking the bit to be held by the two spring steel gizmos. That's the adjustment that has to be right for the chisel point to come out correctly.
I've also found that if you've split the points on a drill, the spring steel thingys that align the bit in the chuck will never again position the bit correctly because they grab on the portion of the bit that's been split. That ends up clocking the bit incorrectly.
I can't remember whether the 350 can split points. If it doesn't, don't lose any sleep over it: the 750X does a poor job of splitting points on bits that are meant to be split; like the 135 degree cobalt bits with a thick web.
John