I know its an ancient post, but this is still a very popular indoor cycle.
There is indeed a calibration process for Keiser m3 - they have it outlined in their service manual. BUT in addition to that, there is a tiny potentiometer that can be adjusted to fine tune it to factory spec. This was told to me by Keiser Technical Support staff: use the rule of 8's: set the bike to "gear #8", then pedal up to 80 rpm and quickly remove feet. the crank should do 8 rotations before coming to a stop. if too high or too low, then adjust the potentiometer until you get close. You'll never get it bang on perfect, the potentiometer is just a bit too sensitive.