Sheesh you guys! I ran into this problem years ago and realized that it was a setup problem (that article that Fremer wrote BTW is hogwash). Just do as I said- remove the arm (that is 3 screws) flip it over and you will see a single screw in the middle of the mounting flange. Loosen it, determine where the arm rest should be, tighten the screw, then remount the arm.
If you don't know what you are doing it might take 5 minutes. I can do this adjustment in about 2 minutes.
No other adjustment is needed. The Triplanar is the most adjustable arm in the world, but you have to understand that you do indeed have to set it up right to begin with. This screw is part of that setup; IOW if you have a problem with the arm rest being too close to the LP, you don't have it set up right and you have no-one to blame but yourself.