IMHO...
If you wanna do anything but drag race, I would swap for a link set up. I really wouldn't recommend trail riding a no link set up.
If you don't plan on doing any trail riding, get a shaw and have it set up for your swing arm and weight. Well worth the investment.
There should be some slack in the cable.
Adjust the throttle cable till there is a little wiggle in the lever and then try to set idle with the screws on top of the TORS.
Find a builder you like that sponsors this board and send the cylinders to them. They will take care of you.
Hell, you got 2 of the best answering your questions!
There is nothing wrong with a stock basket. However, a billet one will last a lot longer.
That being said, I get all my clutch parts from FAST. He put a Magnum basket on my drag bike and, so far, it is holding up very nicely.