If I recall correctly, my dad and I did his by tightening the top ones while in the air and ALL other bolts once it was on the ground.
DISCLAIMER: Been awhile (8 or 9 years), going from memory.
And no you don't want anything so tight it binds. Make sure you can move it in the shackle. If you're not sure, check the other side provided it's still original.
Thanks. I might back it off another 1/8 of a turn just to free it up a bit more. I was worried about it coming loose, but it really shouldn't since there aren't any forces that would loosen it and being a jam nut the vibrations won't be a problem either.