The ideal is when the material classifies down the box keeping the black sand and some blond sand and of course all the gold, but eliminating most rocks and sand. Flat rocks will hang up in the box no matter what the water speed, so watch the rounded ones more.
Another item to consider is depth of the water in the box. You want a depth where you can see the water slightly jumping over the riffles. It should not be a smooth stream of water, but hopping some.
That's about it. Practice makes perfect, and always test the material running off the end of the box with your gold pan to see if you are losing any gold. If you are, readjust your sluice box by decreasing the slope first, or slowing down the water so that you keep more material.
You can also test by dropping in 5 BB size pieces of lead (painted gold if you like) and see if you lose any or not.
hope this helps,
GG~