I had a play around with it last night Jack.
Since the frequency of clip is constant, you can't slip the clutch. You can vary the ground speed with the throttle. I am sure it will take some getting used to as the 45 is so easy to use and maneuver. I haven't taken it for a spin yet as I wanted to service the whole machine as it has been sitting for a number of years.
It came with the transport wheels, although I will remove the axles as I don't really need to transport it. As for the lights, the kids liked them!
As for the backlapping, you can just 'click' the bedknife adjusters to move the bed knife toward or away from the reel. As you mentioned each 'click' is 0.0007" of adjustment. There is a provision in the drive side of the reel for a standard 1/2" socket drive to slot into. You can buy an adapter for your drill, but I have just cut an old extension bar that I use to attach to the drill. Quite nifty really.