Does anyone have and advice on installing a Screw Fastened Masterlink?

Specifically, do I shorten the chain in the normal manner (ie use my Park Tool and nock out a few links)?

Do I use lock-tite on the screw part?

Do I worry about over tightening the screw?

Do I tighten the screw all the way and then TIghten the bolt onto the chain with needle nose pliers?

I assume we want the screw part facing out?

Thanks in advance! :)