The one thing I noticed about my positioning is that I can relax my right elbow toward the front edge of the storage compartment while still being able to shift. My upper arm points nearly straight down at that point...
...but then I try not to slouch in the seat, so that might have something to do with it. Good posture is important!
FWIW, the process I went through is as follows:
-set seat back to straight up
-set overall distance front/back so leg is bent at knee maybe 30-50deg (from straight)
-(discovered seat height lever at this point) dropped to lowest setting
-barely disengage lock on seat back to allow for only a small amount of recline
-unlock steering, pull all the way out; align top edge with arched visor over instrument cluster.
I have to admit that it's
just a bit of a stretch for me to reach the steering wheel, but that's because I've spent the last 8 years in a '94 Ranger that had a fixed steering wheel and no airbags. Now that I have them, I wanted to make sure it was aimed mostly toward the upper body & head than into the gut

The whole 10 o'clock/2 o'clock thing was a learning experience too--I miss the old Ford steering wheel (and barely needing to raise my arms to steer)...