Here's the deal with the LW sit and climb. When you're climbing with it, the pressure you put onthe top section is plenty to keep it secure as you're climbing. Any climbing stand relies on a certain amount of pressure to maintain stability. When I got my LW, much like I would do with "any stand", I took a flat file and went over the gripping teeth (top and bottom sections) so they really "bite"well!
As far as the bar/rail goes, yes Jeff, it gets tucked up under the seat. And yes it will stay up in that position, out of the way. After time (depending on amount of use) that rail needs to get tightened. This is just basic maintenence.