In the picture series above, mine is the red one. second to the last, and the last is Ted's. They are the first two prototype Ted handles. I think this kind of solid contact handle (whose true value was first noticed, if not invented by, Paul Walker) is probably the single biggest improvement I ever made to my flying ability. The difference between this and the Baron-style cable handles is *immense* in terms of precise control is immense. At least equal to if not more dramatic than the change from stranded lines to solid lines.
I have never found the adjustment capabilities limited. I only own two sizes of line clips, the original McMahon snaps, and the later Sullivan music wire type (small at one end and big at the other like Darlington Racetrack), and I have never had any problem adjusting it sufficiently. It's a simple task to get the lines within 1/32" or so of the same length, and you have probably 1/2" or so of adjustment (if you don't overly concern yourself with the differential offset). Of course, you are going to have a problem if you attempt to use the same handle for a number of different airplanes, in which case you will be better off with something like the CSC/Hunt handle (or the Baron which also has limited in-flight adjustment). I think it's a far better idea to set up the handle for one airplane and just have more handles.
The spacing required of course depends on the control rates built into the airplane, and the desired trim, plus some personal preference. One of the only intentional changes I made from my old airplane and the new one was to change the control rates by shortening the distance from the bellcrank pivot to the pushrod attachment. It was a dramatic change. I was almost at the inner holes on the small Ted handle, now I am almost out at the end. In terms of actual distance, it went from 3 3/16" to 4". This gives more margin over the Netzeband wall. Note that you can get handle spacing that is "in between" the 1/8" hole spacing by tilting the line carriers.
Brett