Hello hlw49,
Propane is a gaseous fuel, so it does not have to be atomized by a carburetor like gasoline. It also has less BTU's produced during combustion, so it takes a little more volume than gasoline. That is why Propane is not as efficient as gasoline and generator wattage is slightly reduced.
Do you have a multi-meter that will read Hz?
Your generator should read around 60-61.5 Hz (check at one of the 120V outlets) with no load on the generator, running at high idle. If you are in the "ballpark", then I would say it is adjusted correctly.
Next, I recommend you check the spark plug gap to make sure it is set to .025 inch. Propane requires a smaller electrode gap, but gasoline will run fine at this gap also.
I have been running my Propane farm tractors for years and really like them because they burn so clean and do not suffer from carburetor problems caused by stale fuel.