Hey Ted,
Venting clearance on the rear pads should be set at .004".
You may be able to kill two birds here.
Fisrt off, remove the cables from the parking brake handle/mechanism on the caliper. Have a look at the connections and see if they are pulling those handles back all the way. Make sure everything is clean and free. Make sure the cables are in good working condition and not binding.
The fact that you don't have any issues with braking more than likely has nothing to do with the proper clearance being set. I'd be willing to bet 70% of the 914's out there have improper rear pad clearance. Your front calipers do most of the work. If the rears are set up properly it would be much better.
With the cables disconnected, I would remove the pins and pad springs and then take out the pads. Clean everything out using alcohol. Get the spiders and all the grunge out. Check the pads for wear and reinstall. Now adjust the clearance.
For the outside adjuster; remove the bakelite cover (if it's still there) with a 13mm socked or wrench. Next, loosen the 13mm lock nut. Now the 4mm adjuster should turn freely. You'll want to turn it "counter clockwise" to move your piston and pads toward the rotor. Check for runout on the rotor and adjust to the highest part. Again, adjust to .004" or a decent business card. Once adjusted, tighten the lock nut back down and reinstall the cover.
The inside adjuster will be a bit trickier (because of the adjuster cover). The inner adjuster cover is a bad bit of engineering. The surface area of the threaded portion is much greater than that of the 4mm hex needed to remove it. Any amount of rust, gunk, etc. and this will strip the 4mm hex. This happens on 90% of the adjuster covers.
I'm guessing you on't have a couple of spares handy so here's what you do to keep yourself on the road; If it feels remotely like it is going to strip, stop. At this point you'll need to remove the caliper and use a cold chisel on the plug cover. I position it in the 8:00 position at about a 45o angle. One whack with a decent size hammer and it should start to spin. Now you can reuse the cover until your replacements come in the mail
Once the cover is off you can access the inner gear to adjust the inner piston. Turn the gear "clockwise" to move your piston and pads toward the rotor. Nothing strange here... it turns in the opposite direction because it is gear driven. Again, adjust to .004 and put the cover back on using some anti-sieze.
Finally, hook up the cables again and you should be in business.
(oh... do one job at a time or you'll end up with DWD before you know it!)