Hey Gooseproints, I am having the same problem removing the tub spout.
There is a cutoff at the bottom, but I cannot find any set screw. I see the plastic "X". I can turn the spout counter-clockwise, but it just turn without moving out. I would not turn clockwise, only counter-clockwise. I try to apply some pressure to pull it, but without success either.
How did you get yours out?
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Histeveaskme: this is post from 2006... Start new thread...

Anyway, there is a small set screw. It may be hard to find but you have to be patient. Use long (loose) allen wrench, not the one that comes bundled in small handle-like tool. You will have better average. Also make sure you use right size allen wrench.

See the Image below this what Milo is talking about, good luck.

John