I think the adjustment screws always becomes a debate on the B-Pipe but one thing is always consistent...
The guys that actually build performance skis
@waxhead @john zigler, Group K, always say to keep the top and mid closed and only open the bottom.
Group K
"Exhaust pipe cooling, and exhaust plumbing is a very important part of the 845 kit. The FPP “B” pipe head-pipe comes with three adjustable water input screws (we refer to them as top, middle and bottom). The primary water input point for all SuperJet setups should be the bottom screw (1/2 to ¾ turns open from bottomed). The middle screw should always remain completely closed. Opening the top screw has the ability to induce a large improvement of bottom end power, but opening this top screw also results in a significant loss in peak rpm ability. The 845 has such abundant bottom end power that opening the top screw is virtually unnecessary, and questionably beneficial. We conducted all of our 845 testing and development with water input at the bottom screw only, and we strongly recommend that setup to most 845 owners. We have observed that many freestyle riders run their machines with the bottom and middle screws closed, and admitting all the water at the top screw. We consider this to be a very bad setup for several reasons. Since water admitted at the top screw seriously harms peak rpms, it is virtually impossible to do meaningful and accurate impeller pitch testing, or high speed carb tuning while the top screw is open. In addition, the admission of water at the top screw causes much higher back-pressure in the exhaust that results in a slightly increased detonation risk (when compared to admitting the same amount of water at the bottom screw).
All in all, we recommend to open the top adjuster as little as possible (on any SuperJet setup) to get the bottom end acceleration you are after.
We conducted all our 845 testing with a Jet Worx pressure valve in the cooling line that feeds the pipe stinger. This valve helps to reduce the amount of water being admitted into the waterbox at lower engine rpms. The result is much improved acceleration and response during lower rpm maneuvers. We strongly recommend this valve for any 845 owner."
Once you get everything going good and set the way the experts suggest then start playing with the screws and see what you prefer. Maybe your final setting will be different but at least you will know what each screw actually changes.