I've been noticing a slight porpusing (up and down)I'm sure that's spelled wrong, of my arrows and wear on my felt shelf. should I move my nock point up or down ? Thanks

Did it just start?

It could've always been, it's a new bow and string, I've put maybe 30 or shots across it. I just noticed it today and one of my feathers had a wee bit of felt stuck under it where the glue meets the shaft and feather

Probably up.  I like to set the nock the thickness of the arrow plus 3/16 of an inch, or a tad more, and then nock under the nocking point.  Adjust as necessary from there.  

Of course, with a new string, it might have stretched while settling in, reducing the brace height considerably.  But that would tend to cause fishtailing, not porpoising.

If your a right hand shooter with right wing fletch then shoot with cock feather in. Or you can try adjusting your nock set.