I've got a Lynx and this is what I do:
set propane at about 8psi
set both M10 oxycons to about 6 lpm (I think they put out 10-15 psi)
I always leave the top O2 valve cracked a little open while letting my Oxycon warm up.
To light:
- turn off both O2 valves (blue and green)
- open propane (red) valve a bit
- light propane flame
- use red valve to adjust propane flame to 6-8 inch long
- slowly open the main O2 valve (green on the side) to get candles with some yellow at the tips
- crack open the annular O2 valve (blue on the top) to get the final candle characteristics (a bit of yellow on the tip)
while working I will sometimes mess with the propane and main O2 to get a bigger or smaller overall flame length and width (bushier)
for a really sharp, tight flame (detail work) open the top blue O2 valve more,
in all cases I leave the top blue valve at least slightly cracked open as this is the O2 that goes around each individual port and thus keeps the torch body a little cooler (helps protects the torch from heat damage)
also, if the torch is pretty new, the valve seats may still need a little working in, which means they might drift open/closed a bit in the beginning of the torch sessions. This will probably level off and it helps if you seat the valves closed with a gentle touch (just until if feels closed, but not so far you're pushing into the valve seat with force)
I hope this helps, I'm still a newbie, but I do so love my Lynx!