Tom,
It will "break in" with use. It's better to have it a little tight than too loose. You need a spanner wrench to loosen the pivot. A lot of guys here make their own out of screwdrivers, tack pullers or certain wrenches made by park tool (I think it's a 15mm end wrench). A little creativity w/ a Dremel tool is all you need. I think that there is a lot of Loc tite on there, so it will probably be tight. Put a little gun oil or 3 in 1 oil on the pivot, that should loosen it up some.
Brian