TnTom,
You've got it exactly right. From your descripton, it looks like your scope has a total range of adjustment of 50 MOA (1 Minute of Angle is almost exactly 1 inch at 100 yds.) This gives you 25 up, and 25 down. Theoretically you could use up to a 25 MOA base and still be able to zero it at close range, but I wouldn't use anything bigger than a 20. That 50 MOA may not be evenly distributed top and bottom. I've seen plenty of scopes where the middle of the turret's travel is off as much as 10 MOA from the optical center of the scope. Also, optical performance of most lenses fall off near the edges. On high quality scopes, it may be barely noticeable, while on lower quality glass it may be quite obvious. If you have a base that puts your scope right at the extremes of travel, you will be looking through the edges for most close range shooting.
- Cameron