One thing to do is check the bareshaft flight at various distances - at long distances, you can actually get an incorrect diagnosis. Case in point, with my genesis pro, I've been getting a slightly knock high bare shaft at my indoors distance of about 8 yards. The groups are ok, but, at 20 yards the bare shaft was in fact hitting low in about the 7 ring.
So last night I went about trying to debug it by resetting the knocking point back to 90 degs to the string (this is on my genesis pro) to establish a baseline. Still was getting a slight knock high impact on the bare shaft. However I've been noticing a "clink" on release for a while and it was still there after this adjustment. So I suspected that maybe I wasn't just hearing things, and perhaps the knocking point was actually too low causing the arrow to bounce off the rest. As an experiment, I tied down the launcher (Spot hogg prong rest) with some serving so it was solid with no spring action. The idea here is, if there is rest contact, this will really aggravate the trajectory of the arrow. Sure enough, now the bare shaft was going way knock high at my 8 yards, indicating significant rest contact. It was coming off the string knock low, bouncing off the rest and going knock high by the time it got to the target.
I dialed it out by actually lowering the rest, and sure enough I arrived at an acceptable shaft after a few turns on the elevation knob on the rest. The "clink" has gone away plus or minus a less than perfect release.
So sometimes it ain't what it appears to be lol....
LS