[BrianG]

I don't think so. I know if you shift it too low, the adjustment setscrew, spring, and little ball bearing in the clutch will fall out so be careful. I'm sure you don't want those parts floating around in there. :)

I removed first gear altogether because I wanted motor braking and reverse, so I never got to play around with it.

No matter what, I'd make small adjustments and see what works the best. You might find that you don't need first gear at all. :) And if you do go the single speed route, you can install the close-ratio gear set so second gear won't be quite so high.