Do you need to make any adjustments to the E700 housing with this adaptor?
Yes mate... the neck of the E700 metal body is designed to allow M12 thread lenses to fit down its throat if you like to get close to the sensor.
They will not allow the rear flange any C mount lens to acheive that proximity. The neck has to be cropped by about half - or use the internal board lens without the metal casing.
The neck of the E700 will not be seen when the lens is fitted so no need for the cutting to be tidy or preserve thread - use a hacksaw or file if that's all you have.