I've always driven with a telescoping wheel at the furthest point, and always adjusted the tilt simply so that guages were visible. Really, I never bothered to play around with the adjustment any more than that.
However, I recently tried different configurations. I know it's not recommended, but I find when highway driving, pulling the wheel to it's closest point to myself, and dropping it a touch is very comfortable. Around town, I like the wheel furthest away, and tilted up a bit.
Anybody else use multi-settings for tilt/telescope depending on the type of driving you are doing?