I am in the process of installing my Lakewood now. I did a fair amount of research before ordering the bellhousing and 90% of the responses I got said to "dial-in" the housing. Here is a link with the procedure:
http://www.cobragarage.com/lakewood_scattershield.htm
Sounds like a PITA, but better safe than sorry. If you have slip than you are not aligned and the clutch is offset from the fly wheel because the bell is pushing it off center a little.
--Mike