Using a set of spacers and a threaded half-bar, the iPed2 is just a few minutes away from being customized to your needs. If video is helpful to you, ThoughtOut has created one showing the process of adjusting the iPed2 here. If you have a slower connection, you may prefer this page. You'll notice that Griffin's iTrip is shown on one of the iPods. We have a different solution for that here.
As you can see by the disassembled image above, the adjustment of the iPed2 is straightforward. Remove the black protective caps, unscrew the nuts, then slide off the wings and spacers (be sure to keep track of the small star washers). Select two equal-length spacers of the appropriate size (some suggestions are here), slide them over the shaft on either side, then the wings (make sure the little base bracket is on the bottom, and the flat side of the hole in the wing matches the flat side of the shaft), the star washers and then the nuts. As you screw on the nuts, be sure to keep the shaft centered on the assembly (tighten the same number of turns on both sides). A small bar is provided as a wrench, which you put in the hole of the nut to tighten the assembly. Don't overtighten, but the assembly should firm yet allow easy adjustments to the angle of the wings. Finally, pop the caps over the nuts for a cleaner appearance.