Bob, I haven't actually used the 4 fletch setting on the Bearpaw. From looking at it, I can see that the cock feather is mounted in exactly the same position as the 3 fletch, which is approximately 9:00. This would mean that the other feathers are mounted at approx 12:00, 3:00, and 6:00, since the stops are 90* apart (not 120*/60*, like some other 4 fletches are). Since 9/12/3/6 would be far from an ideal configuration for me, I wouldn't use the Bearpaw for 4 fletches unless I was using adjustable nocks, and I could twist the shaft into a configuration that provided better clearance.
Grouse, I also like the Bitz, but Alan's question was about indexing adjustments. The Bitz allows adjustments for front and rear offset, but the only indexing adjustments are by using alternate sets of holes in the indexer. Since none of the pre-drilled index holes suited me, I bought an indexer with a blank row, so I could drill my own holes. Now that I have customized it, I really do like the Bitz better, but drilling your own holes in an indexer is more trouble that a lot of people would like to go to.