Did I reassemble the HKS SS BOV wrong?
 

I just powder coated and reassembled mines.........

But it seems that the BOV sounds different and releases pressure alot less based on sound........ It has a lower sound and seems to flutter when actuated.

Not like the high pitch whistle that one can hear a mile away.

How should I set my screw in the back? All the way out or in?

Are there any damaging effects if there is less boost being released?

You may want to ask this question in the 2nd or 3rd Gen forum, depending on the year of car you have. Those guys would be more familiar with turbo components. Also, not as many people frequent this forum, and those that do may not be familiar with Turbocharging systems. You may get a faster and more accurate reponse elsewhere.
Good luck