There may be no such thing as 'one correct alignment', but determining the overhang by the relationship of the cartridge body to the front of the headshell is absolutely the 'wrong' way to mount a cartridge. I'd suggest you read a cart mounting tutorial (they're all over the web, but this one-http://www.audiophilia.com/features/cartridge_setup.htm-is a good starting point). Also, go to VinylEngine-there's a wealth of free, download-and-print protractors at that site (you'll need to register, but you'll then be privy to a wealth of knowledge and manuals). In particular, check the 'Library' for Rega arms-I believe there is available a Baerwald arc protractor to print out.
I'd further suggest you do this AFAP-your records will appreciate it.