89 wildcat

I make sure the recommended pilot jet is in, then I back the air screw out to the recommended # of turns. Then I set my throttle screw till it idles at the correct rpm.

Is this the correct way, or is there a better way to set idle?

So long as it is idling cleanly and smoothly, yes. If it is idling rough or loading up, the pilot or air screw may need some fine tuning.