it should be no-where near the underside of your bonnet, definatly need to adjust this down slightly, mine is very very low and the underside is about 1cm away from the oil filter housing....(see pic) this evens allows loads of room for a strut brace, FYI mines pushed right into the silcon pipework and i mean right in, it'll take you 20mins max to sort that :-) trial and error. In this configuration their is NO fouling with the hood at all, as the BPV is lower than the Strut brace.
And the stack gauges are just pure baller. i love peak and different colour warnings it can flash as it sweeps through the boost range, mine set to white @ 1-3psi then amber @ 3-6psi then flashes Red through 6-8psi..... it looks so cool when it does that and its really easy to tell what boost range your in..... but if you not a over the top as me it can just be white the whole range or whatever colour you want.