Well, it's time for a second update. My original posts can be found here: http://www.m5board.com/vbulletin/showthread.php?p=1131589
Please read the above post if you want the full background on my story. In brief summary, I had been experiencing slippage and a high clutch engagement point on the original setup. I had called Rob at UUC and he suggested that it was possibly a leaking rear main seal causing the slippage. Turned out that the rear main seal was fine but the clutch disk had some unusual wear patterns (link to pics in old post).
Rob had my mechanic shorten the slave valve pin by filing it down. We also swapped out the disk for a new one. At first, the engagement position seemed to be lower but it has gradually crept upward. It is nearly at the top now. I have not really noticed any slipping but I do smell some serious burnt clutch smell when I get home from a spirited trip.
I've called Rob and he suggested that I might need to bleed the clutch slave/ brake fluid. I have not yet done this. Anyone have any thoughts? I'm really hoping I don't need to drop my exhaust for a third time. It ain't cheap!