"I'm assuming I should only remove wood from the sides the gizmo marked." I'm sure others will chime in and help you out on that. I check for twist when the bow is on the tiller stick and lock in the string at say 16-18" or whatever and site down the limbs from the tips, I will always notice twist if any at this stage. I clamp the tiller stick in the vice, that way I can have a good look at it rather than using a pulley system having the bow flat against a wall or plywood.
I dont use a gizmo, I use a tape measure for final tiller when its at full brace works only on laminate bows not selfies with bumps and dips.. Works for me.