I am not a gun smith, nor do I play one on TV. As such, the information contained herein has no warranty. I obtained it from two different sources (one commercial and one Gun Smith), and since they agree AND I have used it successfully, I trust it.
Many people prefer to remove the slide while doing the following. TAKE CARE to not let the hammer strike the frame if you remove the slide.
While gripping the 1911 in a normal manner with the grip safety held in, tighten the set screw (clockwise) as many turns as necessary until pulling the trigger does not release the hammer. In other words adjust it, try it, adjust it. try it, until the hammer does not release.
Once it will not release, reverse the process until it . . just . . releases. Then loosen the set screw 1/4 turn more and use LocTite to keep it from moving after that.
Overtravel is now set for optimum performance.