Yes and there are two nuts on the arm. Make sure you have the correct size allen key and be very careful about loosening. It can be done. I had to reset the VTA (not VTF) when I installed a Lyra Argo i.
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Hi, Fromuda. A handy way to adjust VTA (tone arm height) with the mmf-7 is to stack playing cards under the base of the tone arm to maintain its current height. Loosen the tone arm set screws and then either add cards or subtract cards to get the desired height. Otherwise the tonearm tends to just drop down when the two set screws are loosened up. The set screws are a real pain to get to sometimes; you can't see where to place the allen key and it has to be at just the right angle to fit into the screw heads. After you've made a few VTA adjustments it gets easier.
Be sure to check the arm lift to make sure it isn't stopping the tone arm pillar from lowering as far as you might need it to go. Or, conversely, check that the lift isn't up too high on the tone arm pillar if you need to raise the tone arm. Adjusting the arm lift is easy. Just loosen the screw and move the lift up or down the arm pillar.
Don't mind Roy Hall. He gets cranky sometimes.