Frank; I don't know the history of this lathe, if you are the first owner, or how old the lathe is.
You said that the tail stock point is "below" the headstock point. Before doing anything else, make sure the taper bores are clean and free of any grit and grime, wood shavings etc. Clean THROUGHLY!
Oh; This lathe has a pivoting head stock. Make sure there isn't any wood dust or grime under the head stock. Same for the tail stock.
You *can* shim the underside of the tailstock to raise it up and then install the shims permanently. A set or two of leaf type gauges used for autos will provide all the shims you need. Use caution if you decide to do this.
To adjust, bring the points together until they are almost touching. Clamp the tailstock. Put a gauge leaf between them and GENTLY advance the tail stock hand wheel. The direction the leaf twists tells you whether it is high or low, left or right.
Hop this helps...