It maybe just a bad unit. If you are not getting 240V from L1 out and L2 out after supplying 240V to L1 in and L2 in, then the unit may not be working. Check the voltage on L1 and L2 out and if not 240V request a warranty replacement. You can see how it is suppose to work from the other unit.
How much the amps drop depends on several things. If you have a way of pumping the well dry or pulling the pump up out of the water you can test it. Otherwise just set it just below and as close to the running amps as possible like 95% of full load. But generally a pump will drop about 50% in amps when pumping dry, as that is how much it takes to spin the motor even when there is no pump attached.