Al,
If Ian's tonearm mounting distance weren't right he would know it. With an arc protractor like the Mint the stylus either tracks precisely along an arc or it doesn't. If it does, tonearm mounting distance is correct by definition.
Ian,
As Swampwalker confirmed, your suspicion is correct. For any given cartridge mounting position, moving the armtube away from level shortens overhang while moving it toward level lengthens overhang, as you figured.
Therefore, before using ANY cartridge alignment protractor we should adjust arm height (and VTF) to approximate normal playing values WITH THE STYLUS SITTING ON THE SURFACE OF THE PROTRACTOR.
With the Mint this means raising the arm, since the Mint is thicker than most (all?) LP's. Do your setup and then return the arm to its normal height for LP play.
That said, I doubt this is the cause of your lack of "air". I had plenty of air before acquiring my Mint. Using it improved other things, but not really this.