I experimented with both Unitedguitar and Mark M's suggestions. Verdict is...! Mark M wins. NOT THAT I'M TAKING SIDES...
So my adjustment screws came in and I put them on and tried to align the caliper with that adjustment point. No luck. It is pretty evident that the adjustment screws are there to limit the caliper arm's range of movement so that, after wear to the brake pad, the caliper doesn't roam too far in either direction.
Proper caliper alignment in the vertical and horizontal axes is dependent on the caliper arm mounting points. So I loosened all the mounting point bolts and then tightened down the caliper on the caliper arm. I did this so that basically the caliper arm would tell me where it wanted to seat. Then I measured the gaps at the mounting points so that I could add the proper amount of spacing to align the caliper on both axes.
I added 1/4" spacers to both top mounting points. 4 small washers. AND I added 1/8" spacers to the bottom mounting point. 2 small washer.
The wheel now spins freely.