Yes, I there are settings for the needle bar. I'm not that familiar with the Featherweight, but there is a great blog called the Archaic and the Arcane, and a bit down
this page she talks about timing lines for the Featherweight in particular; I'm not sure where the adjustment screw is. She has a few posts on the Featerweight. She likes and uses her Featerweight, and she is an expert with s'ewing m'achines in general.