externally adjustable in that you can remove the large plug by the water pump and pull the plunger and spring out and stretch the sprin to increase pressure on the plunger. rarely is it a miracules improvement.. but I have seen broke springs, or ones too short.. and in those cases, it made quite a difference.
heck.. between one grade thicker oil, assuming he's not already running 50w, new bearing shells, and at least a precursory check of the oil relief, he'll likely get into double digits.. that and a set of rings and a rented ridge reamer and a hand lap on the valves will probably be less than 100$ fro the head and pan gasket, shells, and valve compound.. oil and all. seen lots of poor mans rebuilds like that.. if it's not a 12hr a day plowing tractor, but rather a low to medium use machine.. that can buy alot of uptime...
soundguy