I have a similar sight on my recurve. It works really well.

I have used the avlon tec x sight, the biggest issue is what you called the 3rd axis adjustment (removable sight block), you'll run into issues of keeping the thread mounting block straight when you come to adjust the allen bolts, it's not a very good design... It's a solid entry level sight if you want to get into shooting without splashing the cash... Eventually you'll move on if you stick with archery and you'll notice the difference immediately when you move to a premium sight like the an axcel sight.... Also watch out for the needle on the sight marks, damn thing is sharp, I've caught myself a few times on it whilst in use, God knows how

Its an E "Avalon Tec X"

Reminds me of the sure loc sight bar