Thanks for the help -
The gun was like this when I bought it, and I couldn't see how bad it was, or how to adjust it until you suggested standing the cylinder on a flat surface to push the end of the centerpin, so the alignment of the ends was visible.
The end of the centerpin was banged up and just short of the extractor rod, so I cleaned up the centerpin to make it flat and square, then took the extractor rod down just enough to leave it a few thousands short of the centerpin.
Put it all back, and it works perfectly, releases nice and clean and smoothly.
Thanks again !