Brad,
The first thing I did when I got my Bambi home was to level the trailer using a 4' and 6' level set on the interior floor and THEN adjust the 3 screws on the jack level to match. Once you do this AND keep away from further adjustments, the jack level will give you a pretty good idea if you are level....or close. I keep a magnetic torpedo level in the battery compartment just to be sure. I've been almost right on since.