Hi Joshua,
If I remember your arm is the series II and it has a detachable headshell. If this headshell has slots for cart mounting then you're faced with the glad prospect of double the trouble.
First you need to set pivot spindle distance as per the Sme specs which you can find at vinylengine tonearm database. You do this by moving the tonearm in the bedplate. Then in order to get the stylus to sit on both alignment points of the protractor you move the cart in the headshell and NOT the Sme bedplate. If you move the bedplate you are changing the pivot to spindle distance. Whereas if you move the cart in the headshell you are changing the effective length which is the right way to do it if you want to achieve correct effective length. You can now see how overhang is changing depending on whether you're changing effective length or moving the entire tonearm forward.
The headshell is detachable but doesn't have slot - it has two holes. So I guess my troubles are halved
.
Pivot to Spindle distance: will measure this again. I think it is currently 221 mm.
You can ignore effective length too. Everyone who has a fixed no slot headshell arm like the improved Sme have no choice but to align simply by sliding the bedplate forward or back to get the stylus to align on two null points. Or even one as per the Sme single point alignment template.
Only bedplate adjustment is available. So I will have to work within this constraint.
G401fan has already shown you how to align, I'll add one variation. Start with the inner point as your errors tend to get magnified when you move to the outer. So if you're more careful at the inner point you have more chances of getting it right at the outer. This was good advice by mintlp for the arc protractor where you get the effective length correct first and then adjust offset angle. I'm guessing it will hold true for two point tractors also.
Thanks for this tip.
You might also find the stupid protractors on vinylengine easier. The two points are spaced out, all you have to do is put the tractor on, immobilize the platter so it does not move and move the stylus so it fits on the two points, it's easier to sort of judge the arc and get the stylus closer to the center of the null points since the points are are on a virtual arc and not in a line like the one you have currently where you need to move the tractor to get the second alignment.
Cu
I am stupidprotractor stage ONLY. As you can very well gauge, I am at that level:lol: and need to make some forward progress.
What I had done so far with the stupid protractor, in sequence of the deeds/misdeeds, commissions and omissions:lol: Please advise where I'd gone wrong:
1. carefully made the spindle hole so that it sits tightly.
2. placed the stupid protractor on the platter with said hole in stylus.
3. aligned the arrow (I had marked in earlier post) to point to the arm pivot point.
4. aligned outer null point by gently placing the tonearm on top of the outer null.
5. tried aligning inner null by moving tonearm towards the spindle. There is a huge gap of at least 20 mm so I don't know how to proceed from here because even if I am to move the arm on the bedplate, there is no way it will align to the inner null.
PS: as of last night, there is still some amount of distortion, especially on the inner grooves and can he heard more on upper bass frequencies.
PPS: since I am still trying to figure out proper alignment, I am still stuck with my trusty Shure M44-7 cartridge and haven't dared to open the M97xE box for fear that I may damage it.
. All along, I have been trying to fit a square peg in a round hole. 
