I just finished setting up my Flexmod driver. The standby current is set by the 0bias pot with the mod wires shorted. This should be just below the lasing threshold but not zero. Here is a quote from Drlava that helped me quite a bit,
"Yes the Mod + input can be connected to the 5V+ of the power supply, no problem. It won't draw much current.
The Mod- IS the same as the Power - which is to be connected to gnd on the power supply.
The standby current is below lasing threshold, the 'blanked' current of the diode whether TTL or Analog modulation input. The standby current should not be zero, and should not be lasing.
Yes, you should re-check the standby current after setting the max modulation current.
Another thing to remember is to isolate the diode from ground always. Never connect the diode to a powered driver. Discharge the capacitor after the power is off or wait a minute before connecting the diode. Don't touch the bottom of the driver while it is operating. It contains sensitive circuits and the conduction of your skin may cause a current spike.
I highly highly yea verily DO IT! recommend setting this up with a test diode first, say an open can, and getting comfortable with the way things should work. Don't rush in and try to learn how to use the FlexMod with a new expensive diode. Once you are comfortable with it and have tested out modulation, then you can move to the expensive diode."
Thanks for all of your help DrLava.