Jim,

Good job! It looks pretty good for a first rod. I agree, if you aren't using alignment dots, you don't need wrap or finish on the male section of the ferrule, but it isn't really hurting anything either, so don't let it bother you either way.
As for the finish, I've built a few with footballs on them in my early days, and I've finally gotten past that now. I put slightly too much finish on the wrap, and then let it turn for a couple of minutes and really soak into the thread. Then I come back using my application brush that has had the finish wiped off and remove as much as I can from the wraps. It leaves a thinner coat of finish on the thread. If you need another coat, you follow the same process again. It should help avoid the heavy build up, and works with regular or lite formulas.
Aren't those little Forecast blanks great? I've built a lot of them, and everyone I've built them for have really liked them. Enjoy your first rod. It will serve you well, but you probably ought to start saving your pennies right now, because these things are worse than those potato chips. One just isn't going to do.