Well, you're in a pretty good position to check, I don't know about the Pfaff specifically, but it should be as easy as dropping the hook back in and rotating it until the needle comes a quarter inch off bottom dead center. The quarter inch is the part I'm not certain about on the Pfaff. Whatever the rise is, at that point, the tip of the hook should be directly even with the eye of the needle and damn near touching it.
Timing is easier than it sounds at first.