Do I need to get the Speedplate adjusted so the key shaped hole is exactly in the middle of the manhole?

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No, get it reasonably close. However, if you are a little off center and you fail to secure the Speedplate tightly it could rotate and change the center point. This can cause abnormal wear to the components

Resource Link: https://mrmanhole.com/speedplates/
Additional Link: https://www.youtube.com/watch?v=Lby3n6kD4eQ

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