Hi Cap
I also have a track ir 5 with clip and have been disappointed with it. My trouble has been with the up view, back view and keeping the front view still enough to hit anything. I loved the overall immersion with track ir but my SA suffered with the limitations.
Thanks to this tread I have learned some great things that help me and I think can help you.
ImADot posted that the camera is adjustable and like you Cap I didn't think it could be tillted back just moved side to side. I took the camera part off the base that is held with magnets and gently pushed back on the base magnet and low an behold, it is on a hing, now I placed my camera back and it is level. This with the suggestion from another post of making the pitch in tracker unsymmetrical with the positive more vertical and the negative more flat really helps my vertical views.
Someone also posted, unselected all but the Track IR in the options/preferences/view in HTC. Thanks it helps, just lean in a bit an turn your head and you can see around the backrest.
I know about setting some dead zone to keep the front view still but the same person that mention about the vertical and having it unsymmetrical mention to keep the yaw positive and negative more flat with a small dead zone. This with a small amount of Vertical dead zone has helped me steady my front view. Thanks guys.