MK,

Yes, the peep folds down to keep it out of the way when in a vehicle, or even when carrying it in the field.

Unlike the Hoenig version, it does not adjust for either windage or elevation. I wondered about that and concluded that it is set for the height of the backsight and the windage of the backsight at which the regulated barrels print accurately, so no need to move the peep...

Regards, Tim