Sounds empty maybe a third of the way up. Will add air now.
If I decide to up pressure range (large nut) I assume I have to add more air to tank?
Yes. If the tank sounds empty of water now, the tank may indeed be still OK. You will want to check the air precharge to make sure. If the air precharge pressure dropped to zero, that may indicate a small leak. Another possible source of air leak is the air valve. There should be a cap with seal over the Schrader valve. If the one that came with the tank was missing, you could use one intended for car tires.
When air is low like it is now, the diaphragm stretches more than it should. The Water Worker tank does not have the "multi-dome" feature to limit diaphragm stretching.
The penalty for having the precharge too high is to have the pressure stutter when the pump cuts on. A submersible pump is quick to deliver water, but in that interval, it is the pressure tank that supplies the water.
I hope you have an air compressor or high-volume tire inflator. Those "250 psi" tire inflators are typically very slow. A good compressor will have a CFM or SCFM rating, and not just psi.