Dave,
Results can be very dependant on soil conditions...hard dry dirt can be a bear.....
Generally, when raised all the way up, the lift links should be adjusted so that the point only clears the ground by 2-4" (with the plow adjusted properly). Make sure your coulter isn't too low (acting like a gauge wheel) or tracking over to the right, in front of the shin/moldboard, and pinching the dirt/trash in that area....both of those things can keep a plow up out of the ground. You may not get a perfect furrow wall in some soils, and some soils may require a slight "nose down" plow adjustment (extra point) to keep the plow working at depth.
I usually start in the middle holes on the lower 3 pt. bracket, and adjust the lift straps for the 2-4" clearance when "up"....then turn the crank to level'er out.
Might also check the clevis position on the plow...on most IH's you will want the clevis on the right hand (furrow) side of the beam and will want to run in the middle hole for 8.50 rubber or the middle or far right hole for 10.50 rubber (middle if conditions are tough).