Lewm,
The 507 MK II has adjustment for azimuth via the headshell.
VTA adjustment can be done in two ways: one way is by adjusting the mounting hight of the arm, and the other way is via the 'hight adjustment level', located at the base of the tonearm. This level provides the easiest way to adjust the VTA and requires only your fingers. This level moves the tonearm smoothly up and down.
One of the main reasons for me to acquire this arm is that all parameters can be adjusted, and most importantly, they remain that way for a long time.
Regards,
iSanchez