I've spent a long while trying to work this one out. As I see it, there are two complicating factors:
1. Having used both the pass-around Slant and the one I subsequently purchased for myself, it seems that two different Slants are not necessarily identical. My own Slant has much less of a difference in angle between the edge of the cap and the guard bar than the pass-around example.
2. Due to the manufacturing tolerances of the way Merkur makes the Slant, the blade can, as you've realised, sit in 2 different positions when the head is screwed in place, which is different from most, if not all other DE razors.
To give you an idea, with the pass-around Slant, I aligned with the guard bar, as aligning with the cap made it shave like a mild version of the 34c. On my Slant, I align with the cap, as it feels plenty aggressive enough.
HOWEVER, I think I know the reason. If you install the blade and get your eyeline set across the top of the head with the razor held in your hand as though you were about to shave you upper lip, and tilt it so that the top of the head, the blade edge and the guard bar are all in view at the same time, what you want to see is the blade appearing evenly across its width. If it sticks out a long way one one side, and disappears from view on the other, it's set incorrectly.