Well done!
Our M20 spluttered a little and sprang to life on the first start as well.
High idle can be a number of things, the main issue is vacuum leaks. Check the brake servo ours was leaking badly, it started idling smoothly after fixing that. The second thing to check is the idle control valve clean it out with carb cleaner. Third thing to check is the throttle position sensor. With the engine off open the throttle a little bit and listen for a click, that is the TPS clicking off idle. I've got a good guide for testing and adjusting the TPS but I need to find it first
Finally yup the marlin supplied rev counter is out, we've checked it with a gas tester that has an RPM checker on it, not 100% confirmed it yet as Richard has a very precise light based rpm reader but not had a chance to try it yet. We'll be sending the gauge off to be adjusted once we confirm exactly how far out it is at a given RPM