Yes, you are correct. Hanging here refers to the crown being pointed toward the floor. The position the watch would be in with your hands by your side. The amplitude is only checked in this position after 24 hours, not kept in this position for 24 hours. Well, the amplitude is still checked in 5 positions, but this is the position that is relevant to the official tolerance testing.
The information about the lift angle is correct. I should have also mentioned in my last post that when you adjust your lift angle to 55, the amplitude will actually increase. So you will probably find that the watch is running just fine.
But, you now know about the second's wheel fault!
Ashton
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