That only adjusts the relationship between the shifter (and gate) and the transmission. If the console is out of alignment all adjusting will do is frustrate you, as you'll get it to align with the lettering and then miss all the detent gates.
All the adjustment is possible at the lsolid ink rod between the crossover link and the shifter.
The cable end can be adjusted at the transmission but that is not recommended, it should just be screwed on all the way or you are putting excess stress on the threads. This can be done without dropping the pan as long as you don't unscrew the cable all the way in any gear but Park.