If the problem came in after lamp replacement, there are two possible reasons
1. You did not seat the H7 bulb right. It happens occasionally; it is possible to have the "collar" misaligned and still clamp it down. Open up the shell and double-check that the bulb is properly seated.
2. The bulb is bad. Less likely cause than the above, but still possible.
you are right, these are the only two adjusters.
The way you do it is: you set the flip lever for the position where the beam is higher (I believe, that is lever down - you'll see for yourself). This is the normal setup for lightly-loaded riding. Then, adjust the knob in the lever for the proper tilt.
Proper tilt is when you are sitting on the bike (not on stand!), with your normal "commuting", lightly loaded setup. The idea is to have the shocks and tires compressed as when riding. This is when the bike tail is in highest position you'll use. BMW spec is 1% tilt at this point: the beam should drop 1cm for every 1m distance. In Americanese
, that is 1" for about every 8ft.
Now, when the bike is loaded (pillion, luggage), the tail goes down and the headlight shines upward. That's what the lever is for: you flip it to the other position to lower the beam to compensate for heavy rear.
The knurled nut at the corner of the lamp is indeed for side-to-side adjustment. No specification on that, as far as I know.