Yes, the aerator rides right on the tines. You add or subtract weight to achieve the desired depth. My guess is that you will need all the weight you can get. You really can't go too deep. 4" depth would be ideal but it is likely you won't be able to go that deep. The deeper you go the more soil you will distribute on the top which will ultimately give you better soil/seed contact which is critical for seed germination.
When you aerate the soil should be dry enough where the cores you pull with the aerator will crumbled when compressed and rubbbed between your fingers. if the plugs mush like silly putty (I guess people still know what silly putty is) the soil is still too wet. The same conditions apply when slice seeding.