If it’s any help to you (or others) some while back I wrote a brief description of PWM which describes the terms / attributes of the actual signal (although it relates to lasers it is all the same really).
http://hobbycncart.com/publ/cikkek/elektronikai_temaju/pwm_pulse_width_modulation/4-1-0-44Within Mach3 you can set / adjust…
PRF (base frequency) from Spindle Setup. This could be adjusted to provide the best linear performance from the external digital to analogue converter used to generate the 0-10Volt signal for a VFD.
Min.PWM % from Spindle Setup. In some instances it may not be desirable to attempt to run a spindle motor too slowly. It should also be noted that 0%PWM can be the equivalent to TTL(L) and 100%PWM equivalent to TTL(H).
Min.PWM, Max.PWM and Gear Ratio from Spindle Pulleys. By careful adjustment of these figures we should be able to scale the available PWM to fit the range of spindle speeds required and also obtain a reasonably accurate RPM readout between Mach3 and a spindle tacho.
(If the two Min.PWM settings conflict is unknown (obviously one takes precedence)).
So to answer your question, yes there is an adjustment but it is very much 'trial and error'.

My advice is just jump in and experiment.
Tweakie.