G'day bigkid
I'm not an expert on the Banshee as I don't own one but you've picked a great bike to work with. Like any new bike they have their own little quirks.
I'm unsure about wheel bearings but replacing them with good japanese bearings isn't going to hurt anything.
One of the biggest known issues with the Banshee engine is that on later models they use a 3 ply (i think) head gasket that increases the squish band to somewhere in the vacinity of being measured of millimetres rather then fractions of a millimetre. 2.5mm seems to ring a bell.
Like any Chinese built bike it pays to go over it with a fine tooth comb and check all nuts bolts, make sure nothing is loose and in vital areas replace bolts with high tensile items if the originals look marginal. Remember Locitite is your friend especially on wheel bolts for securing discs and sprockets where i'd rather use a helper to keep the bolt tight rathern then just doing it up super tight. The alloy is rather soft so it's easy to strip out if you get over zelous with tightening bolts
I guess the other important thing to look at is the standard clutch. Just make sure each of the shoes is adjusted the same so they engage at the same RPM. You can get it very very close by measuring the spring compression with a set of vernier calipers. In theory if they are the same length the shoes will engage at the same RPM point. Doing this will save you a lot of headaches.
And finally your sig says you own a blata rep. Well you'd know already that you can't baby the bike around, if need to be pretty heavy on the throttle and make sure not to slip the clutch too much or else it will die a horrible horrible death.
Chain lube.. NEVER leave home without it.
Get your chain adjusted so the sprockets are straight and inline with each other and set the chain tension correctly and then your set.
