Hey reptileman,
I'm sure others will post some more info later, but let me be the first to tell you that heli setup is just as intricate as heli flying. My experience is that helis are never setup correctly from the factory. If you have a wobble more often than not its the main blades. One of your questions was how tight they should be. You may get different answers from different people but the idea is to let them be loose enough so that they can straighten out when the heli spools up. I like mine a little on the loose side, not too loose where they are floppin around though. Just experiment until it stops wobbling.
Also, make sure your blades are balanced.
When setup right, there should be practically no wobble if any.
Do yourself a favor and DONT pack it up and sell it, the HBFP is loads of fun.