The sear engagement and take up are adjustable, you'll have to install a screw for over travel if you want it though. The regulators on these guns are mediocre, that's why the FT guys are putting Huma regs in. Mine has been awesome for hunting and plinking. I shoot it more than anything, especially now that it's extremely quiet. It may take some more shooting for yours to settle down, I probably have 800 pellets through mine. Yes, clockwise increases the set point.
That's looking decent. I think the fast first shot is pretty common for these. Was the gun filled when you adjusted the reg? I always empty the cylinder before I adjust it, I think I read decreasing with pressure was ok, but not increasing it. I could just be making that up though, so do your own research.