Quoted from muttonboy:That bracket in the picture above is just four nuts under the playfield to remove, pop that out of there so you can get at it. Then either widen the two holes in Wolvies back where he mounts to raise him up a bit, or shave a bit more off his arm where the problem is. Both can be done with a Xacto knife and will only take a few minutes.
Whoa, whoa, whoa...I hate to throw a wrench in your plan but I'd say that is not the best of advice there.
Firstly there are just 4 nuts holding the actual bracket in the playfield, but there is an additional bracket that holds the switch on. So you would have to remove the entire bracket and also the switch. That's a much bigger pain in the butt than just taking off the Wolverine figure.
To adjust Wolverine, you should just take off the pop bumper cap behind him and then loosen the screws in Wolvies back. At this point you can try to adjust him by either trying to raise him a little or giving him a lean to the right. If he doesn't seem to move any you should remove the screws in his back and then he slides up off of the post (like shanetastic's picture).
With Wolvie removed you can do a couple of different things. You can either shave more off of his elbow (if his elbow isn't shaved at all I would call Stern and get a "shaved elbow" revision of the figure) or you can ream out his back holes a bit so when you remount him on the post, you can move him around a bit to either raise him up or tilt him a little to get his elbow up.
Reaming out his back holes won't make him mount any more loosely. The small metal plate that tightens down on his back is what hold him in place. So as long as you leave enough plastic on his back for the plate to grab....you will be OK.
EDIT: After looking under my playfield (LE) again...I stick to my advice about removing Wolvie from the post is easier than removing the entire bracket. The Wolverine, bracket and switch can be lifted up, out of the playfield if you remove the 4 nuts, a spring and plate from the switch and also disconnect the switch harness (still a bigger pain than just removing Wolvie). On the LE you have the bigger pain in the butt that is Wolverine's head lamp socket. That needed to be desoldered and resoldered to remove the mounting bracket.