Yes you could I would set the distance from pivot to turntable center 295.60 mm as it says in the manual and use the slots to get to the optimum setting for your preferred aligment, baerwald etc.
SME Setup With Slotted Headshell
I have an SME M2-12R but I've switched to a Fidelity Research FR-S/3 headshell for added mass. I have a Feickert protractor on the way. Do I just set up like a regular tonearm since I've done away with the fixed headshell? Set the pivot to spindle and then adjust the cartridge in the headshell to the protractor?