Let me clarify: the jackhammer knob, not the jackhammer itself. jackhammers increase the pressure the more screwed in the knob is, so right now you've got it opened up all the way, and on a e-cocker that would blow the noid. Luckily yours is mechanical, so the 3-way o-rings can probably take a bit more of a beating, but here's what I suggest:
1)Back out the knob all the way.
2) Gas up gun as usual (cock it first of course)
3) shoot. most likely the back block won't even move... don't be alarmed.
4) Cock again, DON'T shoot yet...
5) Turn the jackhammer knob in a half a turn.
6)Shoot.
Continue this until the back block starts recocking the gun like it normally should. Shoot fast a few times to make sure it works every time, including at higher ROF. If it burps when you shoot fast, turn it in a bit more and continue testing until it stops burping. Congrats, you have now speetspotted your LPR
As for the hammer, yes, but it's quite a bit trickier. You will have to retime your gun when your done (no biggy, specially if you know how).
To replace your hammer:
1) Take out your bolt
2) Take a 1/8 standard allen wrench and insert it into the hole on top of the gun until it catches (you may have to move the cocking rod back and forth to get it to catch the hammer lug)
3) Back out the lug (counter clockwise) a few turns
4) Make sure your beavertail is out of the way, and unscrew your cocking rod.
5) Take off your back block
6) Take a 3/16 standard allen wrench, and insert into the nut in the back of the tube (the thing you adjust for velocity) and take that out.
7) The main spring and the hammer should slide right out. If the hammer doesn't slide out, put in the 1/8 allen wrench again and turn it back in a turn or two, and see if it will slide out.
8) Now you can just drop the new hammer in it's place.
You will now have to reassemble, and re-time your gun.
If you don't feel comfortable doing this, have your local pro-shop do it, or have someone help you, or at least have someone walk you through it via IM (I'd be happy to if you wish).
Good luck
-edit- I forgot, if you want some better description of the above w/ pictures, here ya go:
http://cockertech.com/index.php