Loosening the grubscrew just allows you to zero the turret barrel to a desired mark on the scale, it doesn't give you more elevation. As you have found.
Scope sounds sus. 5" drop between 25 and 50yds even for a 22 sounds excessive.
If you suspect the change in magnification may have something to do with it set rifle up in a steady rest aimed at something and rotate the magnification and see if crosshairs move. You can also do the same check thru the range of elevation adjustment and see how the crosshairs respond.
Are you using cheap rings? I have had el cheapo rings that were not matched and by swapping front to back I got a totally different point of impact.
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