It's going to be different for every suit and (almost) every diver. I find undergarments will make a small difference as well.
Spend an easy dive or two getting it roughed in: start with the valve closed, raise your arm to the vent position, and press the valve; this will show you your maximum exhaust rate. Add air to the suit again to balance the squeeze, then it's arm up once more. This time, twist the valve open just enough that the air starts coming out at about half the rate of the full dump you just did. If it looks like a regulator free-flow, you opened it too far. Start over.
Swim around for a while, change depths; you know, do the kind of things you normally do on a dive -- and tweak the exhaust valve one click at a time if you need to. Pay particularly close attention during your ascent.
When you have it where you want it, count the clicks to the fully closed position during your surface interval and commit that to memory. You now have your starting point for each dive: x clicks from closed.
(The valve on my Viking suit can be a little fussy -- it's farther down the arm than a lot of suits -- so I tend to have it screwed down a bit farther and manually vent during the dive as needed. YMMV.)