Cookie,
I think the problem is that you are talking about generic power adapters of all sorts, while I am talking about the more narrow category of
power adapters specifically marketed for use with laptops. You don't go to an "electricity store" to get one of those, you go to a computer store.
Kensington is not the only brand that works this way. Targus (which Kobol stated earlier is what he has) uses the same method. Which gets us back to the original point: there is nothing for Kobol to adjust manually.
Obviously, many of the tips will fit other devices. You are
not expected to take advantage of that when using this kind of a power adapter: there are multiple tips available that appear identical, but are labeled differently and set the adapter to different voltages. You are expected to look at the compatibility matrix and pick the one indicated for your notebook model -- not the first that fits.
Whether this design is clever or crappy, and whether it is common or not, are matters of opinion, your location, and whether you shop computer stores or electrical supply stores, I suppose.
Anyway, what Kobol needs to do is get a different adapter -- preferably an exact replacement from Gateway, or get someone with some electronics skills to fix the damaged cord.