I won't tell anyone how to set their reel, we are all different and every reel even the same model is different. I have tuned pairs of reels and they will both be slightly different and have their own "attitude", with that said, I have found I set my spool tension with my rod tip at a 45 degree angle with tip upward and a 3/8 ounce weight, I let it fall freely with less than a half turn overrun. I then turn 1/2 my pin's on and turn them off till I have control with very little need for my thumb till at the very tail end of the cast, on all my Lew's I am using one or none, of the centrifugal pin's, and spool tension is free to fall with the 3/8 ounce weight. I only find I need to change this setting when I go with very light or weightless plastics, I add spool tension if I am throwing 1/4 ounce or less. I only use Magnetic control if I start throwing in the wind, the heavier the wind the higher the mag setting. Saying this I found 2 pins my normal settings when I was using Shimano reels, Calcutta 400's to Chronarch 100's, just seems to be the standard for that brand of reels. I am casting farther than ever since going with the Lew's reels, and can control them better with less breaking.
One thing I do pay attention to when I need to make an extremely long cast, I make sure my line guide is centered and not off to one side of the spool or the other, this way it has less friction thru out the cast on the line paying out. Most times this is something I pay little attention to, and concentrate more on accuracy, as I seldom need maximum casting distance anyway.