Hey SJM, cool you bought it.
I bought a pharos early on and hated it for many months, didn't use it, then finally did the voodoo daddy mods. The bearings, nylon lock nut, and bolt covers I would call absolutely necessary, as they prevent the adjuster from slipping, tighten down the whole shebang to keep out burr rub, and help dial it in very easy. The catch cup... undecided, kind of regret it.
Now I like the pharos for espresso because it's easier to dial in for espresso vs. the vario-w. It will take some testing to find how you turn the crank. I can't do it on the table, too much noise and banging. Lap grinder style works for me. I still need to wdt for the mypressi twist. I don't like it for medium and coarse ground coffee, leaves a muddy taste in the cup, guessing due to all the fines.