A small lathe certainly comes in handy!!
When you finally put it all together, the V relief on the slit edge should face towards the grating to minimise reflections etc.
While you have the lathe out, you should consider making a larger knob for the adjustment screw. I use a 50mm diameter disk and the movement from 10 micron to 30 micron is only about 3mm on the circumference.
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