Yup, you're right, you need more float. (or tweak the orientation of your left pedal)
If you can't get your current pedals adjusted to your knee's satisfaction, may I suggest you try a pair of Speedplay Frogs?
This is a really good book to have handy: Andy Pruitt's Complete Medical Guide for Cyclists. http://www.velogear.com/prodinfo.asp?number=VP+APMG



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