1. The drive train is very free, in fact one of the best on the market. You only need to add a few drops of bearing oil to the standard bearings and you are good to go racing in any class. If you want you can purchase the optional ceramic bearing set for a longer lifetime of the bearings (#309002).
2. The standard setup is designed for the average customer, and therefore has not too much steering but is mainly easy to drive to have a good feeling on any track. As you already have found out yourself, you may have to adjust it seemingly to suit your liking or to perform under some certain condition where for example more front end traction is needed.
3. I don't think that you should modify the belt in any way.
4. It will get looser as you run it. A brand new belt may seem a tad too tight, even in the loosest setting Give it some time to strech out.
Alex, thanks man! i appreciate the advice and comments. i have made some minor changes to suit my driving style, i have track day on Sunday at the track where we are racing nationals at in May. i'll post a comment when im done testing - thanks for the help. looking forward to getting the car out.