Factory shimmed may be ok, but running a 3 bearing setup spreads the load more and you need the OFNA shim kit to get it put together right. To get a third bearing in there, you need to extend the shaft, which the shim kit includes. Then you use the shims to separate the new 3rd bearing from the original outer bearing and then you use the shims to get the proper fitment when you tighten down the bolt that holds the bell on.
If it's too loose, it will wander on the bearings and shaft and will also wear on the spurs, shaft and bearings. If it's too tight, the bell won't spin free and you get a lot of load on the side of the bearing, which ruins them very fast. What you want to end up with is a "tick" of play when you push/pull on the bell when the bolt is tight. Just enough that you can feel it move in and out.
As for the gear mesh, the paper trick does usually get you close, but with the dual spur setup, sometimes you will end up with a loose and tight spot as you rotate the spurs. So you may have to adjust that by feel as well to get it not too tight in the tight spots and too loose in the loose spots.
I still think the stupid thing is geared too high for the stock ATX tires they run. It seems losi is more concerned with speed in some cases. If you had a stronger engine, good tune and a good pipe, then it would do better. But, with a stock engine, "beginner" tune (no offense), it's an uphill battle for you. With mine running an LRP28 (fairly decent engine), I tried running a set of the stock tires and it really labored the truck. I had the gearing at +1 over stock on the bell, but it was obviously putting way more strain on things than I like. So now the tires are sitting on a shelf and I'm running 17mm revo wheels/tires.
I run the second from the left on it now:
Left to right: t-maxx 3.3, revo 3.3 talons,
HPI savage 21 stock tires, t-maxx 2.5 stock chevrons
I used to run the ones on the far right, but the revo ones are a good balance between speed, ground clearance and rotational mass for the bashing I do. I still run the chevrons on my revo though, just on 17mm wheels. They work well for running in skate parks. Not a ton of side bite and they wear out really slowly. I run the ones on the far left on my savage, but it has a 3-speed trans and another LRP28 engine in it, so it's got the torque to deal with the larger tires the best.
Here's a link with a bit of clutch bell bearing troubleshooting. May help you out a bit as well:
http://www.twf8.ws/new/tech/clutch/clutch-bearing-trouble-shooting.html